- Barrick Gold (ABX) announces a strategic partnership to help forge closer ties with China, agreeing to sell a 50% stake in its unit that manages the Porgera gold mine in Papua New Guinea to Zijin Mining (OTCPK:ZIJMF) for $298M in cash.
- The unit, Barrick Niugini, owns 95% of Porgera and Papua New Guinea owns the rest; the mine is expected to produce 500K-550K oz. of gold this year.
- Separately, Zijin also says it is buying a 49.5% stake in Ivanhoe Mines' (OTCQX:IVPAF) Kamoa copper project in the Democratic Republic of Congo for $412M.
- ABX -1% premarket.