Barrick Gold ends Africa mine sale plan to Chinese firm 9 January 2013 Last updated at 04:35 Barrick Gold has ended talks to sell a controlling stake of its African business to China's state-owned miner, China National Gold Group. The firms failed to agree on a value for a 74% stake in African Barrick Gold, Tanzania's largest gold miner. The $3bn (£1.9bn; 2.3bn euros) deal would have been the largest gold firm takeover involving a Chinese company. Barrick is the world's largest gold producer with output of 7.7 million ounces in 2011. Shares in African Barrick Gold (ABG) slumped 19% to 352 pence by the close of trading in London. "These discussions were part of our ongoing efforts to identify opportunities to optimise our portfolio," Barrick's Chief Executive Jamie Sokalsky said in a statement. He added that the company will continue to look for opportunities that "generate acceptable value for Barrick." ABG said it would review its business operations after the collapse of the deal. The company has struggled to meet production targets in recent years due to rising costs and operational setbacks. In October, ABG downgraded its 2012 production forecast.