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Barrick Gold considering selling Acacia stake - reports

The giant has reportedly approached numerous South African, Australian and North American miners..

Barrick is the world's biggest gold miner

Barrick Gold (TSE:ABX; NYSE:ABX), the world's largest gold miner, is reportedly considering selling its 64% in Acacia Mining as part of a plan to become debt free.

The firm has approached numerous South African, Australian and North American miners about a sale in the stake said to be worth around US$1.9bn, according to news agency Reuters, which also cites  Harmony Gold, AngloGold Ashanti as potential buyers.

South African broker and investment bank Investec said: " The Barrick stake has been a question over Acacia for years, generally one of when do they divest and but more recently will they bring it all back into the fold.

"Acacia is now the most attractive it has ever been (operationally) but the trouble is that it is also close to highest valued it has ever been."

According to Reuters, three of the top five mining companies globally will have to boost their asset sales in the second half to meet disposal targets, which total about US$14bn.

They are Glencore (LON:GLEN), Anglo American (LON:AAL)) and Vale.

Quick facts: Barrick Gold Corp.

Price: 22.58 CAD

Market: TSX
Market Cap: $39.58 billion

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