Barrick Gold (TSX: ABX) (NYSE: GOLD) is formally asking
Canadian junior AJN Resources to give up plans to acquire a 10% interest
in its Kibali gold mine in the Democratic Republic of Congo.
The world’s second-largest gold miner and AngloGold Ashanti,
which each own 45% of the mine, said they had not been consulted about the transaction
even though the stake’s owner Société Minière de Kilo-Moto (SOKIMO) is not
allowed to transfer or sell its Kibali shares without their approval.
The two partners said the announced sale, announced earlier this month, undervalues the asset, which last year beat production guidance of 750,000 ounces of gold by a substantial margin, delivering 814,027 ounces.
“Barrick won’t support the sale for reasons of valuation as
well as process,” chief executive, Mark Bristow, told Reuters on Wednesday.
Already one of the world’s most highly automated underground
gold mines, Kibali continues its technological advance with the introduction of
truck and drill training simulators and the integration of systems for staff
safety tracking and ventilation demand control.
The simulators, Barrick said in January, will also be used to train operators at the company’s Tanzanian mines.
(With files from Reuters)