Barrick Deal Fufills Thornton’s Aim of Forging China Link

Barrick Gold Corp. Chairman John Thornton’s decision to partner with Zijin Mining Group Co. fulfills one of his key goals: forging a strategic link with China, the world’s largest gold consumer.

Barrick said Tuesday that Zijin will buy 50 percent of its interest in a Papua New Guinea mine for $298 million. Looking ahead, Toronto-based Barrick and Zijin will evaluate opportunities for future cooperation, including the potential to jointly construct mines. Barrick said it may take advantage of Zijin’s access to “low-cost capital from Chinese institutions,” and its engineering and construction skills.