Barrick has mining operations and projects in 15 countries, including Argentina, Australia, Chile, Ivory Coast, Democratic Republic of the Congo, Dominican Republic, Canada, Mali, Papua New Guinea, Peru, Saudi Arabia, Senegal, United States and Zambia.
Barrick's 1 billion dollar mine in Zambia attracts Chinese interest.
China Minmetals Corp., Jiangxi Copper Co. and Zijin Mining Group Co. are among the companies offering Barrick Gold Corp. Zambian copper mine quotations. experts could bring in about $ 1 billion in revenues, experts said.
China Molybdenum Co. and Aluminum Corp. of China, known as Chinalco, were also invited to offer, according to the people who did not ask to be named because the information is confidential.
Barrick, the second largest gold producer in the world, is working with consulting firms to generate interest in the Lumwana Mine, the company said. Toronto-based Miner is targeting another 2020 billion in asset sales by the end of 1,5, Chief Executive Officer Mark Bristow said in August.
The talks are at an early stage and there is no certainty that they will lead to a transaction, the participants said.
Representatives of Barrick, China Minmetals, Jiangxi Copper and Zijin declined to comment. Representatives of China Molybdenum and Chinalco were not allowed to comment directly.
Lumwana, a copper open pit mine, is expected to produce 210 million to 240 million pounds of copper this year, and has proven proven copper reserves of 4,5 billion pounds, which are likely to increase in the future, according to Barrick's website.
Barrick acquired Lumwana as part of the acquisition of Equinox Minerals Ltd. for more than $ 7 billion in 2011 and amortized $ 3 billion on the mine two years later. Lumwana was valued at around $ 2014 billion in XNUMX. As a result, the Zambian government proposed increasing mining taxes, which put Lumwana in a "critical situation", according to Bristow.
Barrick is working with the Bank of Nova Scotia to identify buyers for the Tongon Gold Mine in Côte d'Ivoire, following the acquisition of Randgold Resources Ltd. drives plant sales.
ISE / Arndt Uhlendorff - October 2019
