Barrick Gold may sell copper assets

Partners from Saudi Arabia, China interested

Barrick Gold Corp. says it’s in talks with partners in China and Saudi Arabia on potential deals involving its copper assets as it looks ahead to its acquisition of Randgold Resources and an increased focus on African gold mines.

Company chair John Thornton said on an earnings conference call Thursday that there is strong interest in its copper assets as the metal remains strategic.

“Both our partners in Saudi Arabia and our partners in China, this is of high, high interest to them, and so we’re engaged with both of them, what you might call sort of slow-motion, long-term conversations about how to maximize the value of those things to them and to us.”

Thornton said Barrick would always be involved with copper since it often runs alongside gold in deposits, but that the company is considering how best to create financial and strategic advantages from the assets going forward.

Talks with Saudi Arabia continue as the country has been shunned at a major investment conference it’s hosting this week.

The acquisition of Randgold would significantly increase Barrick’s gold focus on Africa, after the Toronto-based company spun out its Tanzania gold mines into Acacia Mining in 2010.

The deal has created speculation that Barrick might look to take back control of Londonlisted Acacia, in which it still owns a 64 per cent stake.