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Zambia’s competition authority approves Barrick-Equinox deal

Pan African boosts gold reserves

The board of commissioners of the Competition & Consumer Projection Commission (CCPC) in Zambia has granted conditional authorisation for Barrick’s US$7.7 billion takeover of Equinox Minerals Ltd.

The Commission added certain conditions onto the deal including requiring that state controlled, Zambia Consolidated Copper Mines (ZCCM) be allowed to keep its 2.2% interest in Equinox.
Equinox operates the Lumwana mine in Zimbabwe which accounts for approximately 19% of the country's total copper concentrate production.

Earlier this week, Barrick outlined financing for a portion of its friendly C$7.3 billion (US$7.7 billion) takeover of Equinox Minerals Ltd.

The Canadian company said the pricing of the US$4 billion in debt securities comprised US$700 million of 1.75% notes due in 2014 and US$1.1 billion of 2.9% notes due in 2016.

On top of this, the securities would include US$1.35 billion of 4.4% notes due 2021, and US$850 million of 5.7% notes due in 2041. The offering is expected to close by June 1.

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