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Barrick receives unconditional Zambian regulatory approval f
By: The Canadian Press
Posted: 05/31/2011 11:00 AM | Comments: 0 | Last Modified: 05/31/2011 11:46 AM
TORONTO - Barrick Gold Corp. (TSX:ABX) said Tuesday it has received the unconditional approval of the Zambian regulator for its purchase of Equinox Minerals Ltd. (TSX:EQN).
Equinox's flagship asset is the Lumwana copper mine in Zambia, one of the largest new copper mines to be developed globally over the last few years.
Barrick, the world's biggest miner, had received conditional approval from the Zambian Competition and Consumer Protection Commission for the deal last week.
Barrick has offered $7.3 billion or $8.15 per share for Equinox in a friendly deal. The purchase will double Barrick's annual copper production.
Currently, Barrick makes 90 per cent of its money from gold, and 10 per cent from copper. The Equinox acquisition would increase the copper contribution to 18 per cent.
Equinox has its corporate offices in Toronto and Perth, Australia.
In a separate release, Equinox noted that its board has unanimously recommended that the company's shareholders accept the Barrick bid and tender their shares to the Toronto-based gold giant.