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Firm eyes Barrick's stake in Tanzania gold miner

Updated: 2012-08-17 13:52
( China Daily)

China National Gold Group Corp is in talks with Barrick Gold Corp about buying its controlling interest in African Barrick Gold Plc.

China National Gold is studying the 73.9 percent stake in African Barrick, the largest producer of the precious metal in Tanzania, according to a statement on Thursday from Toronto-based Barrick. There's no certainty an offer will be made, it said.

China, with $3.2 trillion in foreign exchange reserves, has urged companies to buy assets overseas, securing energy and commodity resources to feed industries from power generation to construction. Zijin Mining Group Co, its biggest gold miner by market value, said in July it's looking to buy copper projects in Africa, while China's Minmetals Resources Ltd agreed to buy Anvil Mining Ltd in 2011 for $1.3 billion to access the metal.

China Daily-Agencies