Barrick Gold Corporation (USA) (NYSE:ABX) Sells 10 % Stake In African Barrick Gold Plc


Dallas, Texas 03/12/2014 (FINANCIALSTRENDS) – Barrick Gold Corporation (USA) (NYSE:ABX), a Toronto based firm is primarily into production and sale of Gold announced that it has sold  10% of stake from its African arm – African Barrick Gold Plc (ABG) for 275 pence apiece. African Barrick was struggling to meet it planned production outputs for past 3 years. Following this transaction ABG witnessed a drop of 17% the largest downfall since Jan 2013.  Barrick Gold Corporation sold around 41 million shares for $188 million thus reducing its stake in ABG to 64%. The proceeds will reduce some of the company’s which was reported as $13.1 billion at the end of fourth-quarter 2013.

Barrick Gold Corporation (USA) (NYSE:ABX) Expected To Witness Positive Trading

The gold industry is experiencing positive signals pertaining to the price due to the current situation Ukraine.  With gold market witnessing slump in gold prices during last year and creating a huge impact in the industry, the gold miners are expecting the price to see an upward trend in the coming days. In the current situation Barrick Gold Corporation (USA) (NYSE:ABX) rating is tagged as “market perform”. The company’s stock opened at $19.92 and closed at $19.75.

Barrick Gold Corporation (USA) (NYSE:ABX) Suspends Operations in Chile 

According to recent reports Barrick Gold Corporation has stopped its construction activities at its Pascua-Lama gold and silver project in Chile. The project is estimated to be around $8.5-billion. The suspension follows after the local environmental regulator (SMA) raised 22 serious environmental violations and imposed a fine of $16 million dollars for. The Chile’s second environmental court revoked the fines due to some inconsistencies in the SMA’s reports and is expected to impose new ones. And the court has upheld the suspension of the work on the Chilean portion of Pascua-Lama until the fines are re-calculated.