UPDATE: Equinox Recoups Much of Friday's Big Fall; Zambia Approves Barrick Acquisition Bid
Equinox Minerals (EQN.TO) has succeeded in recouping around two thirds of losses made on Friday, when it slid 6%. Shares have climbed more than 4% today in recouping 32 cents of the previous session's 49 cents decline. More than 31.5 million EQN shares have changed hands today.
Barrick Gold Corp. (ABX.TO), which agreed to acquire Equinox Minerals Ltd. last month, should have "no cause for concern" over conditions on its takeover of Equinox's Lumwana mine in Zambia, the country's mines minister said, according to a Bloomberg report.
"I don't see why there should be concern regarding the conditionalities," Maxwell Mwale reportedly said in an interview from Lusaka, the capital. He declined to comment further.
Barrick, the world's largest gold producer, plans to take over the Lumwana copper mine as part of a C$7.3 billion buyout of the Perth, Australia-based company. Equinox's shares fell as much as 6.1% on May 27 after Barrick, based in Toronto, said in a statement it's in talks with the regulator to modify the terms of Zambia's conditional approval of the transaction.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.