Support The Moscow Times!

Barrick Sells Highland Stake

Canada's Barrick Gold, the world's largest gold producer, sold its 20.37 percent stake in Russia's Highland Gold to institutional investors for £79.5 million ($128 million), Highland said Thursday.

Barrick sold 66,235,264 ordinary shares in Highland Gold at a price of 120 pence per share.

Barrick bought the stake in Highland, a venture backed by Roman Abramovich, almost a decade ago as a toehold to grow in Russia, home to the world's second-largest gold reserves after South Africa. Highland failed to significantly ramp up its production, and Barrick Gold decided to focus on its more lucrative U.S. and Latin American growth assets.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.