Another Day, Another Partnership as Barrick Continues to Derisk and Deleverage
On April 6, Barrick announced a new strategic partnership with Shandong Gold, a Chinese mining company. The partnership results from a three-part process. First, Barrick sold a 50% stake in the Veladero mine in Argentina to Shandong for $960 million. Second, Barrick and Shandong agreed to partner on exploring joint development of Pascua-Lama. Third, the two companies agreed to look for additional opportunities near Veladero and Pascua-Lama on the border between Argentina and Chile.We view this...
Barrick Gold is engaged in the production and sale of gold, as well as related activities such as exploration and mine development. Co. also produces copper and hold interests in oil and gas properties located in Canada. Co.'s mining operations are concentrated in three regional business units: North America, South America and Australia Pacific. Co. also hold a 73.9% equity interest in African Barrick Gold plc that owns gold mines and exploration properties in Africa. Co.'s copper business unit contains producing copper mines located in Chile and Zambia; and a mine under construction located in Saudi Arabia.
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