Barrick sells majority stake in Shandong for $210 million
Barrick Gold said on Tuesday it sold a partial stake in Shandong Gold Mining for $210 million, profiting off a rise in share price of the Chinese gold miner.
Gold stocks have been steadily rising since the coronavirus outbreak battered equity markets across the globe and sent investors scurrying for safe-haven assets.
Barrick said it sold the majority stake, 79.3 million shares of Shandong to institutional shareholders, at HK$20.50 ($2.65) per share. It now holds a stake of about 2%.
Both companies have been partners in the Veladero mine in Argentina. Barrick sold a 50% interest in the mine to Shandong for $960 million in 2017.
At one point, the companies were looking to deepen their cooperation beyond the Argentinian joint venture and had said they would potentially work together on acquisitions.