August 15, 2012 / 11:13 PM / 5 years ago

Barrick Gold considers sale of Africa stake: FT

LONDON (Reuters) - Canada’s Barrick Gold (ABX.TO), the world’s largest gold producer, has been exploring a sale of its 74 percent stake in African Barrick, the Financial Times reported on Thursday.

An offer for Barrick’s stake in African Barrick, Tanzania’s largest gold producer, could prompt a full takeover, according to people familiar with the matter cited by the newspaper.

One person with knowledge of the discussions, cited by the FT, suggested that Zijin Mining Group, the Chinese copper and gold miner, had indicated a preliminary interest in African Barrick.

Barrick has been working with UBS UBSN.VX to consider its options for African Barrick, which the Canadian miner partially floated in 2010, the FT said.

However, a second person familiar with the situation, cited in the article, said that Barrick’s team had abruptly halted work on a possible sale this week, throwing into doubt whether the Canadian company will proceed.

Reporting by Stephen Mangan; editing by Jim Marshall

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