ZAMBIA HAS APPROVED THE PROPOSED TAKEOVER OF EQUINOX MINERALS BY BARRICK GOLD ON CONDITION THAT GOVERNMENT KEEPS ITS 2.2 PERCENT STAKE

ZAMBIA HAS APPROVED THE PROPOSED TAKEOVER OF EQUINOX MINERALS BY BARRICK GOLD ON CONDITION  THAT   GOVERNMENT KEEPS ITS 2.2 PERCENT STAKE IN EQUINOX.

THE ZAMBIA COMPETITION AND CONSUMER PROTECTION COMMISSION HAS SAID IN A NEWS STATEMENT THAT IT HAS GRANTED FINAL CONDITIONAL AUTHORISATION OF THE ACQUISITION AS THE DEAL DID NOT RAISE ANY COMPETITION CONCERNS.

THE ZAMBIA  COMPETITION  AND CONSUMER  PROTECTION  COMMISSION HAS AUTHORIZED THE TRANSACTION ON CONDITION THAT BARRICK GOLD DOES NOT ACQUIRE 2.2 PERCENT SHARES IN EQUINOX THAT ZAMBIA CONSOLIDATED COPPER MINES - INVESTMENT HOLDINGS HOLDS.

AUSTRALIAN EQUINOX, WHICH OPERATES ITS WHOLLY-OWNED LUMWANA MINE IN ZAMBIA, AGREED IN APRIL TO BE BOUGHT BY CANADA'S BARRICK FOR MORE THAN SEVEN BILLION CANADIAN DOLLARS.

THE REGULATORY BODY SAYS  BARRICK WILL  ALSO BE ASKED TO HONOUR EXISTING AGREEMENTS LUMWANA MINE HAD ENTERED INTO WITH LOCAL COMPANIES AND ENSURE THERE WERE NO JOB LOSSES.

THE COMMISSION ALSO PLACED A CONDITION ON ENSURING GOOD ENVIRONMENTAL PRACTICES THAT WILL  PROTECT  PEOPLE FROM RADIOACTIVE HAZARDS POSED BY URANIUM MINING AT LUMWANA.

LUMWANA COPPER AND URANIUM MINE IS AFRICA'S THIRD-LARGEST COPPER MINE BY PRODUCTION.

ACCORDING TO STATISTICS FROM THE REGULATORY BODY, ZAMBIA'S LUMWANA MINE ACCOUNTS FOR APPROXIMATELY 19 PERCENT OF THE COUNTRY'S TOTAL COPPER OUTPUT.

##############