Australia takes hit as Barrick Gold continues to sell
In a recent new plan to cut costs and reduce debt, Barrick Gold, Business Review Australia's sister site Mining Global detailed its announcment of two deals in the past week, agreeing to sell its Cowal gold mine to Evolution Mining Ltd. for $550 million, as well as signing a $298 million deal with Chinese miner Zijin Mining Group to sell 50 per cent of its stake in the Porgera gold mine in Papua New Guinea.
Barrick Gold has sold six mines since 2012 for a total of $1.3 billion, five of which are located in Australia. Barrick’s only remaining Australian gold-mining interest is the Kalgoorlie Super Pit operation, which the miner has a 50 per cent stake in. The company has previously outlined plans to cut debt by $3 billion by the end of 2015.
In addition, Barrick also announced it had signed a “long-term strategic co-operation agreement” with Zijin to co-operate on future projects and investments. One of China’s largest gold and copper producers, Zijin called the partnership with Barrick an “excellent fit.”
"Our partnership with Zijin is the first step in a long-term strategic relationship with one of China's leading mining companies—a multi-faceted partnership that will provide significant opportunities to work together on an ongoing basis as we continue to create value for our respective owners,” Zijin chairman Chen Jinghe said. "Our companies have complementary expertise and experience and share a common vision for creating long-term value for our owner."
Said Barrick Co-President Kelvin Dushnisky, “The sale of Cowal is consistent with the strategy we have outlined to create long-term value for our owners, making a significant contribution to our debt-reduction target while further focusing the geographic footprint of our portfolio."
The next potential sale for Barrick could be the Zaldivar copper mine in Chile.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.