Toronto,
CANADA
John Thornton, the executive chairman of Barrick Gold Corp.,
sold US$50-million worth of the company’s stock over the last three trading
days, erasing half of his stake in the company.
The sale of 2,632,153
shares reverses a move he made in late 2018.
As Barrick and Randgold
Resources Ltd. were promoting their proposed merger to investors, Mr. Thornton
purchased 2,271,029 Barrick shares at about US$11.10 apiece.
According to the
release, the sale was based on “personal portfolio considerations” and that
Thornton would “continue to retain and seek to build on what remains a
meaningful equity stake” in the company, the world’s number two miner of the
metal.
Barrick shares closed
up 3% on the NYSE at $18.87 per share for a market valuation of $33.4 billion.
Shares in the company have gained more than 40% over the last 12 months. - Africa
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