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Bloomberg May 18, 2011 04:00 AM Copyright Bloomberg.Wednesday, May 18, 2011
May 19 (Bloomberg) -- Zambia's Competition and Consumer Protection Commission will meet on May 27 to discuss whether to approve Barrick Gold Corp.'s takeover of the Lumwana copper mine through its acquisition of Equinox Minerals Ltd., an official at the regulator said.
The official declined to be identified because the information is yet to be made public.
The transaction is likely to be approved because Barrick holds no other assets in the country and a decision will be taken "soon" even though by law the commission can take 90 days to make a ruling, Brian Lingela, a spokesman for the commission, said yesterday in an interview.
Lumwana accounts for 19 percent of Zambia's copper production, the commission said. Equinox has forecast that the mine will produce 145,000 metric tons of copper this year. In April Barrick bid C$7.32 billion ($7.55 billion) for Equinox to gain control of Lumwana and Saudi Arabia's biggest copper deposit.
Barrick is the world's biggest gold producer while Zambia is the largest copper producer in Africa.
Read more: http://www.sfgate.com/cgi-bin/article.c ... z1Mp48RJwL