Barrick Gold is to sell its stake in the Russian gold producer Highland Gold Mining. The announcement has seen Highland's share price drop sharply in morning trading.
Highland says Barrick now sees its 20.4% stake as "non-core" to its activities and has enlisted HSBC to coordinate the sale.
The value of the stake is around £112m based on the closing price last Friday. By 11.20am the stock had dropped 5.4%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Over the last 12 months Highland shares have fallen 12%.
BS
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
