Monday, September 24, 2018 8:00:41 PM
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SEPTEMBER 24, 2018
ALL AMOUNTS EXPRESSED IN U.S. DOLLARS UNLESS OTHERWISE INDICATED
TORONTO —
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (“Barrick” or the
“Company”) today announced that it has entered into a mutual investment
agreement with Shandong Gold Group Co., Ltd. (“Shandong Gold”), further
strengthening Barrick’s partnership with one of China’s leading mining
companies.
Under 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.
“This mutual investment is another reflection of the deepening partnership between our two companies,” said Barrick Executive Chairman John L. Thornton. “Barrick and Shandong both believe that by working in partnership, we can leverage our collective strengths to unlock long-term value for our respective shareholders, just as we are at Veladero today, with the potential to expand to Lama and other El Indio Belt projects in the future.”
Yumin Chen, Chairman of Shandong Gold Group, commented: “Building on the enhanced strategic cooperation agreement entered on July 9, 2018, Shandong Gold Group is pleased to announce further steps to deepen the strategic partnership with Barrick Gold Corporation, through this mutual investment and cross shareholding initiative, to capitalize on respective strengths and realize long-term synergies and to unlock long-term value for the respective shareholders. Building on the excellent partnership at Veladero today, we believe additional long-term strategic value can be created by working closely together on other projects including Lama and El Indio Belt projects in the future.”
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. As a second step, Shandong Gold is currently carrying out an independent evaluation of Barrick’s Lama project, including an analysis of potential synergies between Lama and the nearby Veladero operation. Barrick and Shandong Gold have also created internal working groups that are sharing technical expertise and best practices focused on best-in-class mining practices and innovation.
INVESTOR CONTACT
Deni Nicoski
Senior Vice President
Investor Relations
Telephone: +1 416 307-7474
Email: dnicoski@barrick.com
MEDIA CONTACT
Andy Lloyd
Senior Vice President
Communications
Telephone: +1 416 307-7414
Email: alloyd@barrick.com
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