(Reuters) - Canadian gold producer Barrick Gold said on Tuesday it sold a partial stake in Shandong Gold Mining Co for $210 million, profiting off a rise in share price of the Chinese gold miner.
Gold stocks have been steadily rising since the coronavirus outbreak battered equity markets across the globe and sent investors scurrying for safe-haven assets.
Barrick said it sold the majority stake, 79.3 million shares of Shandong to institutional shareholders, at HK$20.50 ($2.65) per share. It now holds a stake of about 2%.
Both companies have been partners in the Veladero mine in Argentina. Barrick sold a 50% interest in the mine to Shandong for $960 million in 2017.
At one point, the companies were here looking to deepen their cooperation beyond the Argentinian joint venture and had said they would potentially work together on acquisitions.
($1 = 7.7500 Hong Kong dollars)
Reporting by Taru Jain; Editing by Shinjini Ganguli