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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Barrick Gold Corp. (BC) (delisted) | NYSE:ABX | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.54 | 0.00 | 01:00:00 |
By Carolyn King
TORONTO-- Barrick Gold Corp. said Monday it will place about 41 million shares of its African Barrick Gold PLC subsidiary with institutional investors as it continues to streamline through cost cutting and asset sales.
Toronto-based Barrick said the 41 million shares represent about 10% of London-listed African Barrick, Tanzania's largest gold miner, and about 13.5% of the parent's holdings in the company.
The Canadian gold giant said the offering will be made through an accelerated book-build offering process to be launched immediately. The offering has yet to be priced.
Barrick Gold last month posted a worse-than-expected fourth-quarter loss, slashed reserves and forecast for lower output this year.
The company, which like many large miners bought pricey assets at the top of the commodity cycle, has been working to make itself into a learner gold producer by shedding noncore assets and cutting costs. It sold its jointly owned Marigold mine in Nevada last month. That deal followed the sale of three Australian mines and its energy business last year.
African Barrick too has been hit hard by lower gold prices and high operating costs. It posted a net loss last year on high impairment charges.
Write to Carolyn King at carolyn.m.king@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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