China makes foray into African mining with bid for Barrick Gold
Canadian mining firm Barrick Gold is said to be concluding talks to sell all or part of its 74 per cent stake in ABG to China’s largest gold producer, China National Gold Group Corp (CNGG), a deal first announced on August 16. The deal, analysts said, could lead to a sharp decline in traditional Western trading partners’ stranglehold on Africa’s mining sector as China scrambles to take over exploration and mining operations in Africa to satisfy its expanding domestic demand for commodities, especially gold.
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