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STOCKS NEWS EUROPE-African Barrick slumps on parent co's stake sale plan

Reuters - UK Focus

Shares in gold miner African Barrick Gold (LSE: ABG.L - news) fall steeply in extremely heavy volume after parent company Barrick Gold Corp says it plans to sell about 13.5 percent of its holding in the Tanzania-focused miner.

The FTSE 250 stock falls more than 15 percent, on course to post its biggest daily fall in more than a year and underperforming a 0.1 percent decline in the UK mining sector, in volume that is 51 times its 90-day daily average approaching half way through the trading session.

"African Barrick has little growth from existing operations, has no greenfields projects and seems to have a parent happy to dispose of it, which does not bode well for its commitment to African investment," Citi analysts writes in a note.

Toronto-based Barrick, which currently owns roughly 303.25 million shares in African Barrick, is selling 41 million shares. The gold miner will still own a majority stake of just over 60 percent in the Africa-focused miner following the close of the transaction.

To see Barrick's statement please click on

Reuters messaging rm://Silvia.Antonioli.reuters.com@reuters.net