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State-owned Chinese company eyes Barrick Gold Corp.'s assets in Africa

BEIJING -- A state-owned Chinese firm is in talks to buy some of the African assets of the world's largest gold miner Barrick Gold Corp., Beijing's latest move into the resource rich continent.

“Our group is currently having very preliminary contact and discussion with Barrick” on possible acquisition of African Barrick Gold (ABG), an official with China National Gold Group, who declined to be named, told AFP. He did not elaborate on details of the talks but Dow Jones Newswires reported that analysts have estimated the deal could be worth up to US$3.9 billion.

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