Barrick Gold, the world’s largest gold miner, outbid a rival in its quest to take control of Equinox Minerals, offering almost $7.8 billion in cash for the Australian and Canadian mining and exploration company.
Equinox’s board announced on Monday that it unanimously approved the deal. Reuters reports the move by Barrick Gold is a bet on continued demand for copper, as Equinox owns the Lumwana copper mine in Zambia and Saudi Arabia’s Jabal Sayid project. As part of its deal with Barrick Gold, Equinox also announced that it canceled a $4.9 billion hostile bid for Toronto-based Lundin Mining.
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