USGS releases first study to assess global earthquake risk to mineral supplies
Earthquakes have the potential to substantially affect mining operations, leading to supply chain disruptions that adversely affect the global economy.
Shares in African Barrick Gold (LON:ABG) went down a mineshaft, losing a fifth of its value on Tuesday, after talks failed to sell a majority stake in the London-listed miner to a Chinese group.
In a press release, the company announced that state-owned China National Gold had ended talks to buy Canadian Barrick Gold’s 74% stake in African Barrick, which is Tanzania’s biggest gold producer.
The miner’s board has asked management to conduct a full operational review with the aim of rebalancing operations and improving returns, African Barrick said.
Further details of the review would be disclosed with its annual results in mid-February, it added.
The company’s performance hasn’t been the best in the last few months.
In October last year, African Barrick posted weak third-quarter results and decreased its full-year output forecast as disruptions to its operations dragged down production.
