Barrick sells most of its stake in Gold FieldHmmm..are the gathering their resources for another aquisition?
https://africa.reuters.com/business/news/usnBAN442104.html
Barrick sells most of its stake in Gold Fields
Thu 24 May 2007, 10:42 GMT
JOHANNESBURG (Reuters) - Barrick Gold Corp has sold three-quarters of its stake in South Africa's Gold Fields Ltd, sending Gold Fields' shares higher.
Gold Fields' shares jumped 2.4 percent to 126.99 rand by 1055 GMT, outperforming a 0.47 percent rise in the gold mining index. The shares have shed 4.7 percent this year.
Gold Fields, the world's fourth biggest gold producer, said in a statement on Thursday its share register showed that Canada's Barrick had reduced its holding in the firm to 4.63 million shares from 18.7 million.
The sale of the shares reduced Barrick's stake in Gold Fields to 0.7 percent from 2.9 percent.
Barrick received the shares as part payment when it sold its 50 percent stake in South Africa's South Deep mine, which has the world's biggest gold deposit.
Gold Fields paid $1.2 billion in cash and $325 million worth of shares for Barrick's stake in the mine.