Experimental feature

Listen to this article

Experimental feature

Barrick Gold is in “advanced discussions” with a buyer for its 50 per cent stake in the Kalgoorlie gold mine in western Australia, President Kelvin Dushnisky told the Financial Times.

The buyer is working through the process and if they come back with the right price “then we’ll be keen,” he said.

Mr Dushnisky would not comment on whether the bidder was China’s Minjar Gold, a unit of Shanghai-listed property company Shandong Tyan Home. Last year they were reported to have made a $1.3bn bid for the asset, known as “the Super Pit,” which is also owned by Newmont Mining. The shares of Shandong Tyan Home remain halted in Shanghai.

US-listed shares in Barrick rose as much as 7.4 per cent Friday to their highest level in almost six months after it reported profits rose by 138 per cent last year, beating expectations. The shares later pared gains after the company filed for permission to sell up to $4bn in shares or bonds.

Mr Dushnisky also said Barrick would be supportive of a merger between London-listed gold miner Acacia, which it owns, and Canada’s Endevour Mining “if they land on a number that made sense.”

Last month Acacia said it had held talks with Endeavour about a merger that could create a £3bn Africa-focused gold miner.

Still, Mr Dushnisky said Barrick was in no rush to get rid of its stake in Acacia, which is focused on gold exploration in Kenya and west Africa. “We do think there’s more runway to go and there’s more value to be surfaced,” he said.

Get alerts on Barrick Gold Corp when a new story is published

Copyright The Financial Times Limited 2019. All rights reserved.
Reuse this content (opens in new window)

Comments have not been enabled for this article.

Follow the topics in this article