TORONTO (AP) -- Barrick Gold Corp. is no longer in discussions with China National Gold regarding its holding in African Barrick Gold plc.
Barrick CEO Jamie Sokalsky said in a statement Tuesday that he will only proceed with opportunities that generate acceptable value for Barrick.
Toronto-based Barrick confirmed last August that it was in talks with China National Gold Group Corp. over the future of its African assets, which include African Barrick Gold.
ABG was formed when Barrick decided to spin off its African operations into a separate company and its shares began trading on the London exchange in 2010. ABG stock plunged about 20 percent Tuesday.
Barrick holds a 73.9 percent interest in the company, which is Tanzania's largest gold producer and one of the five largest gold producers in Africa.