Bloomberg/Waldo Swiegers

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Barrick Gold plans to sale Zambian copper mine in H1 2019

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The mining company is holding discussions with investment banks about appointing advisers to the sale.

Wednesday 15, May 2019 BY KUDAKWASHE MUZORIWA

Barrick Gold Corporation, the world’s second-largest gold miner, is preparing to sale its Zambian copper mine in the second half of 2019, reported Reuters.

The mining group, which is fresh from two major deals in recent months, said that it plans to shed $1.5 billion of less productive mines which have little expansion potential.

Additionally, Barrick is said to be considering to enter talks with Chinese state-owned companies including Aluminium Corporation of China (Chinalco) and China Minmetals Corporation, which have been seeking growth abroad.

The mines which are up for possible sale includes Lumwana, a relatively low-grade copper mine whose margins could be materially affected by Zambia’s new mining code and import duty. Analysts value the mine at up to $500 million.

 

 

TAGS : Barrick Gold Corporation, Copper mining, Aluminium Corporation of China , China Minmetals Corporation

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