China National Gold says it's talking to Barrick about potential partnerships


China's largest gold mining company, China National Gold, is on the hunt for global acquisitions and partnerships, and recently talked about potential partnerships with Barrick Gold (ABX +0.3%), President Xin Song says.

Both parties are looking for potential opportunities jointly, Song says, but those are not likely to include an investment in the Pascua Lama mine ABX has put on hold amid cost overruns and environmental demands from Chile's government; the the project has several challenges, including its high elevation, its permitting troubles and high capital expenditure.

China National is no longer in talks with Ivanhoe Mines (IVPAF) on African investment, Song says.

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Comments (4)
  • robin steel
    , contributor
    Comments (153) | Send Message
     
    LOOKS LIKE CHINA IS GOING TO BACK UP THE RIMBI WITH SOMETHING OTHER THAN HOT AIR!
    17 Jun 2014, 03:11 PM Reply Like
  • Jason Burack
    , contributor
    Comments (2149) | Send Message
     
    I am surprised China or their sovereign wealth funds have not done more 50% JV deals and/or outright purchases of more gold miners.
    17 Jun 2014, 06:11 PM Reply Like
  • techy46
    , contributor
    Comments (11501) | Send Message
     
    Any joint venture between China National Gold (CNG) and Barrick Gold (ABX) is an indirect investment in Pascua Lama. CNG would be the ideal 40% partner for a ABX's Pascua Lama project. Obviously nobody will divulge that until it happens.
    17 Jun 2014, 06:35 PM Reply Like
  • dejjj
    , contributor
    Comments (44) | Send Message
     
    good point techy
    18 Jun 2014, 07:33 PM Reply Like
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