Barrick Gold Corp, the biggest producer of the precious metal, said it has ended talks with China National Gold Group Corp regarding the sale of its African unit.

"We are approaching this in a prudent and disciplined manner and will only proceed with opportunities that generate acceptable value," said Barrick's Chief Executive Officer Jamie Sokalsky.

"African Barrick Gold's assets hold significant potential, and we will continue to look for ways to best realize that value for our shareholders." Sokalsky, who replaced Aaron Regent in June, is reviewing his company's assets in an effort to improve returns and cash flow as costs soar.

China Daily - Agencies