Highland Gold Mining: Barrick Gold Corp To Sell 20.4% Stake

Date : 02/13/2012 @ 7:26AM
Source : Dow Jones News
Stock : Barrick Gold Corp. (ABX)
Quote : 16.38  0.09 (0.55%) @ 8:00PM

Highland Gold Mining: Barrick Gold Corp To Sell 20.4% Stake

Highland Gold (LSE:HGM)
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Russia-focused gold producer Highland Gold Mining Ltd.(HGM.LN) Monday said that Barrick Gold Corp. (ABX) has decided to sell its 20.4% stake in the company, as it no longer considers the stake as core to its business operations and strategy.

Barrick, however, remains supportive of Highland's board and management as they continue to execute on Highland's growth objectives, Highland said.

Barrick, Highland, and Highland's largest shareholder, Primerod International Ltd., have agreed that each party will work together to achieve an orderly divestiture for Barrick. Barrick has appointed HSBC Holdings PLC as its lead financial advisor.

Due to the intended divestiture, Barrick won't exercise its right pursuant to the co-operation agreement between Barrick and Highland to nominate any directors to Highland's board.

At 0915 GMT Highland shares -10.5 pence, or 6.2%, at 159.7 pence.

-By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com

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