Barrick Announces Strategic Partnership With Zijin Mining Group
TORONTO, ONTARIO--(Marketwired - May 26, 2015) -
All amounts expressed in US dollars unless otherwise indicated.
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) ("Barrick" or "the company") today announced that it has formed a strategic partnership with leading Chinese mining company Zijin Mining Group Co., Ltd ("Zijin").
As a first step, Zijin will acquire 50 percent of Barrick (Niugini) Limited ("BNL"), the company which owns 95 percent of and manages the Porgera Joint Venture gold mine in Papua New Guinea. In addition, Barrick and Zijin have signed a long-term strategic cooperation agreement which outlines the intent of both companies to collaborate on future projects and joint investments, leveraging the strengths of each company.
"A twenty-first century mining company with global reach and the intention to become an industry leader must, by definition, have a distinctive relationship with China. This is particularly true in our industry, where China has become both the largest producer and consumer of gold, and a major source of capital and expertise for the mines of the future," said Barrick Chairman John L. Thornton. "Our partnership with Zijin is the first step in a long-term strategic relationship with one of China's leading mining companies-a multi-faceted partnership that will provide significant opportunities to work together on an ongoing basis as we continue to create value for our respective owners."
"A strategic partnership with Barrick is an excellent fit for Zijin and a powerful combination as we look to expand our business globally outside of China. Our companies have complementary expertise and experience and share a common vision for creating long-term value for our owners," said Zijin Chairman Chen Jinghe. "Barrick has strong international operating presence and experience as well as many of the best assets in the gold industry, while we have unrivaled access to the Chinese market, including distinctive engineering and construction management capabilities and advanced technology. We are excited to leverage our competitive strengths together, to start with at Porgera, while exploring additional joint opportunities for the future."
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China’s Zijin inks deals with two Canadian firms on the same day
Cecilia Jamasmie | May 26, 2015
Zijin Mining, one of China's largest mining groups, extended its global reach Tuesday by signing two separate and key agreements with Canadians Barrick Gold (TSX:ABX) and Ivanhoe Mines(TSX:IVN).
The deals will see Zijin help Barrick and Ivanhoe advance their respective projects in Papua New Guinea and the Democratic Republic of Congo.
- The Chinese miner is paying $298m for a joint venture with Barrick Gold where each company will own 47.5% of Porgera, a gold mine in Papua New Guinea.
- Under the $412 million deal with Ivanhoe Mines, Zijin will buy through its subsidiary, Gold Mountains International Mining Company Limited, a 49.5% stake in Ivanhoe’s subsidiary Kamoa Holding Limited, which currently owns 95% in the Democratic Republic of Congo (DRC) Kamoa copper project..
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