Canada’s Barrick Gold (TSX:ABX)(NYSE:GOLD), the world’s second largest producer of the yellow metal, reached an agreement to sell its 50% interest in Kalgoorlie Consolidated Gold Mines in Western Australia to Saracen Mineral Holdings (ASX:SAR).
Saracen already holds two gold operations in the Kalgoorlie region, namely, the Carosue Dam and the Thunderbox mine sites.
In a media statement, Barrick said the KCGM transaction involved the payment of $750 million in cash and that such funds will be used to further strengthen the company’s balance sheet, invest in future projects and deliver returns to its shareholders.
“The sale of our non-operating interest in KCGM represents the first step in our plan to realize in excess of $1.5 billion from the disposal of non-core assets by the end of next year.
While this iconic gold mine has been a valuable contributor to Barrick over the years, the asset does not fit with our strategy of operating mines that we own,” Mark Bristow, Barrick’s president and CEO, said in the press brief. “The sale allows us to further focus our portfolio on core operations.”
For the rest of this article: https://www.mining.com/barrick-gold-sells-half-of-kalgoorlie-consolidated-gold-mines-for-750-million/