TORONTO, April 19 Shanghai-listed Shandong Tyan
Home said on Wednesday its negotiations with Barrick
Gold Corp to buy a 50-percent stake of the Canadian
operator's Kalgoorlie mine have ended without a deal, citing new
capital and acquisition rules in China.
Reuters reported in November that Toronto-based Barrick was
reviewing the financial backing behind an approximate $1.3
billion bid for its stake in Kalgoorlie mine by Minjar Gold, a
unit of Shandong.
Barrick, the world's largest gold producer, was not
immediately available for comment.
Shandong said in a filing to the Shanghai stock exchange on
Wednesday that it had been in contact with Barrick about buying
a stake in the mine, but did not reach any formal investment
agreement. Due to the recent capital outflow curbs and tightened
review of overseas acquisitions "we did not continue the
negotiation," it said.
Shandong had trumped offers by Australian, Chinese and
Canadian companies for the asset, sources had told Reuters.
Newmont Mining, Barrick's joint venture partner at
Kalgoorlie and mine operator, has said it was interested in
buying the remaining stake, but price has been a sticking a
(Reporting by Susan Taylor in Toronto and Hong Kong newsroom;
Editing by Frances Kerry)