Deals
Shandong No Longer Pursuing Barrick's Super Pit Stake
- Chinese company blames tightened domestic investment controls
- Shandong was said to bid $1.3 billion for 50% of Kalgoorlie
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Shandong Tyan Home Co. said it has ended talks to acquire Barrick Gold Corp.’s stake in its Kalgoorlie Super Pit mine in Australia because of recent tightened controls in China on outbound investment.
Toronto-based Barrick began the process to sell its stake in the mine, a 50-50 joint venture with Newmont Mining Corp., last year. Talks between Barrick and Minjar Gold Pty, a Shandong Tyan subsidiary, stalled in February after the buyer faced delays securing financing for a $1.3 billion bid, people with knowledge of the matter said at the time.