Barrick Gold Corp., which completed its acquisition of Randgold Resources Ltd. at the beginning of the year, has identified $1.5 billion in assets the miner intends to sell, Chief Executive Officer Mark Bristow said.
“Our focus is realizing $1.5 billion through next year,” Bristow said Wednesday in an interview in Toronto. The assets will be sold once they are optimized enough to create sufficient value for shareholders, he said.
The gold sector has been anticipating a wave of asset sales in the wake of Barrick’s US$5.4 billion acquisition of Randgold and a second mega-merger that created Newmont Goldcorp Corp.
The newly combined giants were expected to put several unloved mines up for sale, leaving lots of room for maneuvering by company executives who have missed out on the dealmaking.
The objective is for the sale process to be well advanced by mid-2020, Barrick said in its first-quarter earnings statement, its first results since its acquisition of Randgold was completed.
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