Barrick leaves Highland
- Publishing Date
- 13 Feb 2012 12:46pm GMT
- Author
- Mining Journal
The world’s largest gold producer, Barrick Gold Corp, will sell its longstanding holding in Russia-focused producer Highland Gold Mining Ltd, because it is not a core part of its operations and strategy.
In a statement, Highland said Barrick would dispose of its entire 20.4% stake and that HSBC Bank has been appointed to handle the sale.
“Despite this determination, Barrick remains very supportive of Highland's Board of Directors and Management,” AIM-listed Highland said.
Highland’s largest shareholder, Millhouse Capital, will work together with both companies to achieve an orderly sale.
A spokesman for Millhouse, Roman Abramovich's investment vehicle, said it would consider buying part of the stake, Reuters reported. Millhouse holds 33% of Highland, while Highland’s third-largest shareholder is the chairman of Millhouse, Eugene Shvidler, with an 8% stake.
Highland produced 184,102oz of gold in 2011, after revising its target downwards, and expects to produce 210,000-215,000oz this year.
Barrick first acquired a stake in Highland in 2003.
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