African Barrick Gold tumbles on failed deal with Chinese
In a press release, the company announced that state-owned China National Gold had ended talks to buy Canadian Barrick Gold’s 74% stake in African Barrick, which is Tanzania’s biggest gold producer.
The miner’s board has asked management to conduct a full operational review with the aim of rebalancing operations and improving returns, African Barrick said.
Further details of the review would be disclosed with its annual results in mid-February, it added.
The company’s performance hasn’t been the best in the last few months.
In October last year, African Barrick posted weak third-quarter results and decreased its full-year output forecast as disruptions to its operations dragged down production.