By Emma Rowley
The Telegraph (UK)
Not many companies get more popular when their share price plummets. Still, more than a few people are pleased that a Chinese rival has walked away from African Barrick Gold, the FTSE 250 gold miner.
Last August, Canadian mining giant Barrick Gold, from whose African assets ABG was formed, confirmed it was talking to state-owned China National Gold about selling its 74pc stake in ABG.
However, early this month the deal was taken off the table, disappointing hopes of a sale. But, says Greg Hawkins, ABG chief executive, at least it may have improved the company’s relationships on the ground in Tanzania.
“It didn’t really matter who it was,” he says, with reference to the Chinese bidder. “There was concern about what would be the security going forward and, for the community, does it all change? A new owner, what does it mean? So, all of a sudden, we became quite popular.”