Barrick Gold ends talks with China Gold over sale of African unit

Canadian producer Barrick Gold this morning said talks had fallen through regarding the sale of unit African Barrick Gold (ABG) to China Gold.

The talks with China Gold regarding the London-listed gold producer, which is 74 per cent-owned by its parent Barrick Gold, were first announced in August.

“These discussions were part of our ongoing efforts to identify opportunities to optimise our portfolio, however we are approaching this in a prudent and disciplined manner and will only proceed with opportunities that generate acceptable value for Barrick,” Jamie Sokalsky, Barrick Gold president and chief executive officer, said this morning.

He added that ABG’s assets hold “significant potential”, and Barrick Gold would continue to seek the best way to realise that value for shareholders.