Shandong Gold and Barrick Gold Corporation joint venture

Overview:

• Barrick Gold Corporation, a Canadian gold mining company, entered a strategic cooperation agreement with Shandong Gold Group, a Chinese gold mining company, to focus on assets in Argentina.  
• As part of this agreement, Shandong will acquire 50% of Barrick’s Veladero mine in the province of San Juan, Argentina, for $960 million.
• The companies will also jointly explore the development of the Pascua-Lama deposit, located 10 km away from the Veladero mine. 
• Furthermore, the joint venture partners will explore investment opportunities in the El Indio Gold Belt on the border of Argentina and Chile.

Rani Mehta - Journalist