Barrick Gold to offer 10% stake in African Barrick

|About: Barrick Gold Corporation (ABX)|By:, SA News Editor

Barrick Gold (ABX -1%) says it will place ~41M shares of its African Barrick Gold (ABGLF) subsidiary with institutional investors, representing ~10% of African Barrick shares and ~13.5% of the parent's holdings in the company.

ABX says the offering will be made through an accelerated book-build offering process to be launched immediately; the offering has yet to be priced.

ABX, which like many large miners bought pricey assets at the top of the commodity cycle, has been shedding non-core assets and cutting costs.