BARRICK CHAIRMAN SELLS $50M STAKE

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