Barrick is looking to target Chinese buyers, sources say
LONDON/NEW YORK — Barrick Gold Corp , the world’s second largest bullion miner, is preparing its Zambian copper mine Lumwana for sale in the second half of 2019, looking to target Chinese buyers, three sources with knowledge of the matter said.
It included Lumwana among the possible sales, as a relatively low-grade copper mine whose margins could be materially affected by Zambia’s new mining code and import duty. Analysts value the mine at up to US$500 million. Two of the sources said that a bank with links to Chinese companies was likely to get the advising role for Lumwana.The group is looking to enter talks with Chinese state-owned companies including Aluminum Corp of China, known as Chinalco, and China Minmetals Corporation, which have been seeking growth abroad and a foothold in Africa, lured by its vast resources.
PURE COPPERAfrica’s second-biggest copper producer, is determined to enforce a new 5 per cent copper import duty and also plans to replace value-added tax with a non-refundable sales tax as part of a plan to keep a greater share of mineral resource profits for the country and tackle its debt.
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