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Jul 9, 2018

​Barrick deepens ties with Chinese miner Shandong Gold Group

Barrick Gold

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TORONTO - Barrick Gold Corp. (ABX.TO) says it's deepening its ties with Shandong Gold Group Co. Ltd. and will look at partnering with the Chinese company on potential acquisitions and asset sales.

The new agreement builds on a deal last year that saw the Canadian gold miner sell a 50 per cent stake in its Veladero mine in Argentina to Shandong.

The companies had said earlier they would evaluate joint investment in projects currently owned by Barrick or Shandong Gold.

Under the deal announced Monday, the companies will choose one of Shandong Gold's mines where they will share technical expertise and other information to improve operations.

Barrick and Shandong Gold will also improve communication between management and technical teams.

Shandong is also doing an independent evaluation of a potential mining project at Lama in Argentina.