Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Barrick Gold (NYSE: GOLD) (TSX: ABX) announced Thursday that it is selling its stake in Skeena Resources for C$132.4 million (about $107m), or C$15 per common share.
The world’s second largest gold miner said a Canadian investment dealer agreed to buy approximately 8.83 million common shares immediately following the closing of the disposition on March 23.
Skeena Resources’ main asset is the Eskay Creek gold project in British Columbia’s Golden Triangle.
Barrick will no longer have beneficial ownership of, or control or direction over, any of Skeena’s issued and outstanding common shares, and said it is proceeding with the disposition for investment portfolio management purposes.
