30 LEXPERT
|
2017/18
|
WWW.LEXPERT.CA
PHOTO:
SHUTTERSTOCK
BARRICK GOLD SELLS A 50%
INTEREST IN THE VELADERO
MINE TO SHANDONG GOLD
On June 30, 2017, Barrick Gold Corp. (Barrick)
completed the sale of a 50-per-cent interest in the
Veladero mine in San Juan province, Argentina,
to Shandong Gold Mining Co., Ltd. (SDG) for
US$960 million. Following the sale, each of Bar-
rick and SDG holds an indirect 50-per-cent inter-
est in Minera Argentina Gold S.R.L., the joint
venture company that owns the Veladero mine.
e formation of the 50/50 joint venture marks
the completion of the first of three steps outlined
in a strategic cooperation agreement between
Barrick and SDG. In keeping with the second
step in the agreement, the two companies have
also formed a working group to explore the joint
development of the Pascua-Lama deposit. As a
third step, Barrick and SDG will evaluate ad-
ditional investment opportunities on the highly
prospective El Indio Gold Belt on the border of
Argentina and Chile.
Barrick is the world's largest gold mining
company and one of Canada's leading global
corporations. SDG is a leading gold mining
company in China and is listed on the Shanghai
Stock Exchange.
SDG's legal team was led by Huijie Duan, Di-
rector of Department of Legal Affairs.
Norton Rose Fulbright acted as external
transaction counsel to SDG, with a team led by Yi
Wang (Beijing) and David McIntyre (Toronto),
and supported by Lianying Wang, Tom Wong
and Lucy Liu (corporate). Competition law ad-
vice was provided by Marc Waha with support
from Sophie Chen (Hong Kong).
Barrick's legal team was led by Rich Had-
dock, Senior Vice President and General Coun-
sel, and Andrew Hastings, Vice President and
Senior Counsel.
BIG DEALS
BIG
DEALS
GLOBAL MINING
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