April 19, 2017 / 2:41 PM / 3 months ago

China's Shandong Tyan says talks over on bid for Barrick's Kalgoorlie

2 Min Read

TORONTO, April 19 (Reuters) - 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 point. (Reporting by Susan Taylor in Toronto and Hong Kong newsroom; Editing by Frances Kerry)

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