Barrick Gold Corp (ABX)

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Zambia approves Barrick, Equinox deal
Zambia has given Barrick Gold its approval to buyout Equinox Minerals on condition that the government retains its 2.2% stake in the copper miner
Posted: Friday , 27 May 2011 LUSAKA (Reuters) -
Zambia has approved the proposed takeover of Equinox Minerals by Barrick Gold on condition the government keeps its 2.2 percent stake in Equinox, a regulatory body said on Friday.
The Zambia Competition and Consumer Protection Commission granted final conditional authorisation of the acquisition as the deal did not raise any competition concerns, it said in a statement.
"The commission has authorised the transaction on condition that Barrick Gold does not acquire 2.2 percent shares in Equinox that Zambia Consolidated Copper Mines - Investment Holdings holds," it said.
Australian Equinox, which operates its wholly-owned Lumwana mine in Zambia, agreed in April to be bought by Canada's Barrick for more than C$7 billion.
The regulatory body said Barrick would also be asked to honour existing agreements Lumwana mine had entered into with local companies and ensure there were no job losses.
The commission also placed a condition on ensuring good environmental practices that would protect the people from radioactive hazards posed by uranium mining at Lumwana.
Lumwana copper and uranium mine is Africa's third-largest copper mine by production.
According to statistics from the regulatory body, Zambia's Lumwana mine accounts for approximately 19 percent of the country's total copper output.