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Barrick Gold’s Takeover Bid for Equinox to Be Assessed by Za
By Anthony Mukwita - May 18, 2011 12:01 PM GMT+0200
Barrick Gold Corp. (ABX)’s planned C$7.3 billion ($7.5 billion) acquisition of Equinox Minerals Ltd. (EQN) is being considered by Zambia’s Competition and Consumer Protection Commission to assess the implications of the transaction, the group’s spokesman, Brian Lingela, said.
“The Board of Commissioners is expected to make a decision soon,” Lingela said in an e-mailed statement today. “The commission is carrying out a number of assessment tests to ascertain whether the transaction is likely to result in any negative effects in the mining sector, to the consumer, fair trade or the economy in general.”
Equinox owns the Lumwana mine in Zambia. Lumwana accounts for 19 percent of Zambia’s copper production, the commission said.