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Report: Barrick's Australia gold mine stake draws interest from Kinross, Zijin

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Report: Barrick's Australia gold mine stake draws interest from Kinross, Zijin

The sale of Barrick Gold Corp.'s 50% stake in the Kalgoorlie gold mine in Western Australia is said to have attracted interest from Kinross Gold Corp. and Zijin Mining Group Co. Ltd. among others, Bloomberg News reported Oct. 6, citing "people with knowledge of the matter."

Other Chinese players, including China National Gold Group Corp. and Shandong Gold Mining Co. Ltd., are also reportedly looking to bid for the stake.

Meanwhile, ASX-listed Newcrest Mining Ltd., Northern Star Resources Ltd. and Evolution Mining Ltd. are also evaluating data on the mine ahead of possible indicative bids, which are due by October-end.

The stake could be valued at about US$1 billion, and the gold major has engaged Credit Suisse Group to handle the sale.

The project is a 50/50 joint venture between Barrick Gold and Newmont Mining Corp., which in September indicated that it was also willing to buy Barrick's stake at the right value.

According to the report, Barrick is exploring various options to structure the sale, including selling shares in the holding entity, which would exclude a right of first offer for Newmont. Omar Jabara, a Newmont spokesman, said the company will participate in the sale process.

In September, Barrick said it would reach its target of reducing debt by US$2 billion by year-end, even if it abandons its sale plans.