African Barrick Gold (ABG) may pull out of Tanzania and Africa as well should the deal to sell its 74 percent stakes to a Chinese owned mining giant sail through, the global authoritative financial newspaper—Financial Times—reported on Friday.
According to the Financial Times, 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.
Barrick Gold Corporation confirmed on Thursday 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, the Financial Times newspaper reported on Friday.
“Discussions are at an early stage,” Barrick said, adding that there is no certainty the two sides will reach a deal.
Contacted by the Guardian on Sunday yesterday, the Permanent Secretary in the Ministry of Energy and Minerals, Eliakim Maswi said: “We are aware about the deal, but we are still waiting for official notification from ABG.
Tanzanian Shilling Exchange Rate