April 5, 2017 / 1:35 PM / in a year

China's Shandong in advanced talks to buy half Barrick's Veladero mine-sources

TORONTO/VANCOUVER, April 5 (Reuters) - China’s Shandong Gold Mining Co Ltd is in advanced talks to buy a 50 percent stake in Barrick Gold Corp’s Veladero gold mine in Argentina, in a deal that could fetch more than $1 billion, people familiar with the process told Reuters.

Barrick is no longer in discussions with China’s Zijin Mining Group Co Ltd about the Veladero mine stake sale , which is one of the Canadian miner’s five core mines, the people said.

Shandong did not immediately respond to a request for comment from Reuters, but the company halted trading in its shares in Shanghai late on Wednesday pending an announcement. Barrick and Zijin declined to comment. (Reporting by John Tilak in Toronto and Nicole Mordant in Vancouver; Additional reporting by Shanghai newsroom; Editing by Denny Thomas and Chizu Nomiyama)

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