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 Corporation (NYSE:ABX)(TSX:ABX) (“Barrick” or “the Company”) and its wholly-owned subsidiary, Barrick Canada Inc. (the “Offeror”), announced today that an additional 36,221,770 common shares (the “Equinox Shares”) of Equinox Minerals Limited (TSX:EQN)(ASX:EQN) (“Equinox”) representing approximately 4% of the outstanding Equinox Shares on a fully diluted basis have now been taken up under the offer (the “Offer”) by the Offeror to acquire all of the Equinox Shares at a price of C$8.15 per Equinox Share. The Offeror has now acquired 789,432,464 Equinox Shares pursuant to the Offer, which represents approximately 91.7% of the outstanding Equinox Shares excluding those owned by Barrick and its affiliates at the date of the Offer. Barrick and its affiliates now collectively own 807,631,217 Equinox Shares, representing approximately 91.8% of the outstanding Equinox Shares on a fully diluted basis.
The Offer remains open for acceptance until 5:00 p.m. (Toronto time) on June 14, 2011, unless further extended. Barrick will take up and pay for any Equinox Shares validly tendered pursuant to the Offer within three business days of such tender. The Offeror intends to acquire all Equinox Shares not tendered to the Offer following its expiry pursuant to a compulsory acquisition.
This press release does not constitute an offer to buy or an invitation to sell, or the solicitation of an offer to buy or an invitation to sell, any of the securities of Equinox. Such an offer is only made pursuant to the Offer and take-over bid circular, the letter of transmittal, the notice of guaranteed delivery and other related offer materials which the Offeror has filed with the Canadian securities regulatory authorities and mailed to holders of Equinox Shares. The Offer is not being made to, nor will deposits be accepted from or on behalf of, Equinox Shareholders in any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction. Furthermore, the information contained in this press release does not constitute financial product advice. It has been prepared without reference to the investment objectives, financial situation, taxation situation and particular needs of any individual Equinox Shareholder. Equinox Shareholders should consider consulting with their investment, financial, taxation or other professional advisor before taking any action in relation to their investment in Equinox.
Read the full news release here.
