Toronto-based Barrick Gold Corp. says it has cashed in most of its shares in Hong Kong-listed Shandong Gold Mining, taking advantage of an increase in price as world gold prices strengthen.
It says it realized US$210 million (C$285 million) from the sale of 79.3 million shares of the Chinese state-controlled company at a price of HK$20.50 per share
Barrick says it purchased the shares in the fourth quarter of 2018 at HK$10.50 per share.
Barrick continues to hold 10.25 million or about two per cent of Shandong Gold's H-class shares as part of what it calls its commitment to the long-term strategic partnership.
It says the shares it sold were placed primarily with institutional shareholders.
In May, Shandong Gold agreed to buy Canadian junior TMAC Resources Inc. for around $230 million, an offer that is to be voted on by TMAC shareholders next week. TMAC owns the Hope Bay gold mining property in Nunavut.
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