Barrick ends share sales

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Source:

The National, Wednesday September 2nd, 2015

 BARRICK Gold Corporation says that it has completed formation of a strategic joint venture with Chinese company, Zijin Mining Group Co. Ltd.

The partnership included sale of 50 percent interest in Barrick (Niugini) Ltd (BNL), for a total cash consideration of US$298 million (K828 million).

Barrick said in a statement yesterday said proceeds from the transaction would be used to repay debt.

BNL is the 95 per cent owner and manager of Porgera joint venture gold mine in Enga.

Barrick (Niugini) Ltd, on behalf of the Porgera joint venture, is the operator of Porgera gold mine.