China Moly Said to Emerge as Frontrunner for Barrick’s Zaldivar

China Molybdenum Co. has emerged as the frontrunner in Barrick Gold Corp.’s sale of a stake in its Zaldivar copper mine, and is pushing to buy the entire asset from the company, people with knowledge of the matter said.

While Toronto-based Barrick has said it wants to sell half the mine to form a joint venture, China Molybdenum is interested in buying the whole if it can agree on a price that would convince Barrick to part with the mine, said the people, who asked not to be identified because the information is private. The copper mine may be valued at more than $2 billion, people familiar with the situation have said.