Barrick exec sells $50m stake

The friendly deal creates a tMontreal-based gold-royalty company with a market capitalization of about $1.15 billion (Cdn$1.3 billion).

The fate of Canada's Jericho diamond mine —declared by Ottawa to be “closed or abandoned” in January 2014— seems no clearer today than it was a year ago.

Veto likely if passed by Congress.

Alberta, which derives a quarter of its economy from the oil sands and other energy resources, is poised to grow at the slowest pace in five years as crude prices slump.

Decline was in line with S&P/TSX Composite index, which also plummeted 15% during the quarter.

The news come only a day after the project executive director in Chile, Eduardo Flores, told local media that Barrick was hopeful it could find a way forward with the long-delayed mine.

After losing half of its value, the spot price of uranium has in recent weeks risen from less than $30 per pound to $42 per pound. Roger Lemaitre, President and CEO of UEX Corp., is pleased but not surprised, as a supply shortage looms, and sanctions against Russia are spooking utilities.

Finishing the project would take time and around $4 billion more of what Barrick has already invested.

The world’s biggest copper producer will, in turn, procure goods and services from Canadian companies.