China National Gold, the state-owned miner, is in talks to buy Barrick Gold’s stake in London-listed African Barrick, in a move that could lead to a full takeover and underscores the interest of Chinese miners in acquiring international assets.
Canada’s Barrick confirmed yesterday that it was in preliminary talks about its 74 per cent holding in African Barrick, prompting an 8 per cent jump in the shares of Tanzania’s largest gold miner to 425.13p.
“Discussions are at an early stage,” Barrick said, adding that there is no certainty the sides will reach a deal. Shares in Barrick, which under its new chief executive has pledged a focus on spending discipline and returns, rose 3.7 per cent to C$35.53.
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