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Barrick Gold to offer 10% stake in African Barrick

  • 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.
Comments (1)
  • ronaldmat
    , contributor
    Comments (12) | Send Message
     
    ABX is smart to regroup and start fresh. When people or companies try to hold on to things that they paid too much for, they lose everything including good investments.
    10 Mar, 08:51 PM Reply Like
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