Barrick Gold, the operator of Congo’s biggest gold mine, has issued a cease and desist notice to junior miner AJN Resources as it moves to block its acquisition of a 10% stake in the project, which it says the deal undervalues.
Barrick and AngloGold Ashanti, which each own 45% of the Kibali mine, said they had not been consulted about the acquisition even though the stake’s owner Societe Miniere de Kilo-Moto (Sokimo) may not transfer or sell its Kibali shares without their approval.
The two companies and the chair of State-owned Sokimo say AJN’s planned acquisition was prematurely announced to the market, without notifying stakeholders or securing approval from Sokimo’s board.