Barrick Gold Corp. Up Nearly 1% Amid Reports Equinox Buy Under Review in Zambia
Barrick Gold Corp. (ABX.TO)'s planned $7.3 billion acquisition of Equinox Minerals Ltd. (EQN.TO) is being considered by Zambia's Competition and Consumer Protection Commission to assess the implications of the transaction, the group's spokesman, Brian Lingela, is cited as saying in a Bloomberg report.
Barrick is up 38 cents or nearly 1% at $44.36. Equinox is down 2 cents at $8.06.
"The Board of Commissioners is expected to make a decision soon," Lingela reportedly said in an e-mailed statement today. "The commission is carrying out a number of assessment tests to ascertain whether the transaction is likely to result in any negative effects in the mining sector, to the consumer, fair trade or the economy in general."
Equinox owns the Lumwana mine in Zambia. Lumwana accounts for 19% of Zambia's copper production, the commission said.
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