Barrick Announces Deal With Shandong For Cross Shareholding Of Up To $300 Mln

(RTTNews) - Barrick Gold Corp. (ABX, ABX.TO) said that it has entered into a mutual investment agreement with Shandong Gold Group Co., Ltd., further strengthening Barrick's partnership with one of China's leading mining companies.

As per the Agreement, Shandong Gold will purchase up to $300 million of Barrick shares, and Barrick will invest an equivalent amount in shares of Shandong Gold Mining Co., Ltd., a publicly listed company controlled by Shandong Gold. Shares will be purchased in the open market.

Barrick and Shandong Gold are 50-50 joint venture partners at the Veladero mine in Argentina, the first step in the partnership between the two companies.