Gold stocks have been steadily rising since the coronavirus outbreak battered equity markets across the globe and sent investors scurrying for safe-haven assets.

Barrick said it sold the majority stake, 79.3 million shares of Shandong to institutional shareholders, at HK$20.50 ($2.65) per share. It now holds a stake of about 2%.

Both companies have been partners in the Veladero mine in Argentina. Barrick sold a 50% interest in the mine to Shandong for $960 million in 2017.

At one point, the companies were looking to deepen their cooperation beyond the Argentinian joint venture and had said they would potentially work together on acquisitions.