REFILE-Barrick to sell 50 pct in Papua New Guinea unit to China's Zijin

Tue May 26, 2015 7:06am EDT
 
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(Corrects paragraph 2 to fix typo)

May 26 (Reuters) - Canadian miner Barrick Gold Corp said it would sell 50 percent stake in its unit that manages the Porgera gold mine in Papua New Guinea to China's Zijin Mining Group Co Ltd for $298 million in cash.

The unit, Barrick Niugini, owns 95 percent in the Porgera mine and Papua New Guinea owns the rest.

After the sale, Zijin and Barrick will jointly control Barrick Niugini, the Canadian miner said in a statement on Tuesday. (Reporting by Sneha Banerjee in Bengaluru; Editing by Kirti Pandey)