Australian gold miner Saracen Mineral Holdings has struck a $1.1 billion deal for a 50 per cent stake in Kalgoorlie-Boulder’s famous Super Pit operation.
The deal with Canada’s Barrick Gold finalised in Toronto over the weekend, two months after Saracen privately entered a “competitive” sale process, and was announced to the Australian Securities Exchange on Monday morning.
Saracen estimates it will take more than three years to recover from devastating rock falls, but insists the acquisition will pay off in the long run.
“We see this as a multi-decade asset, as it’s proven for the last three decades,” Managing Director Raleigh Finlayson said.
Mr Finlayson said the Super Pit has existing reserves of 7.3 million ounces for an estimated mine life of 12 years, and believes there will be a return to underground mining in the future.
For the rest of this article: https://www.abc.net.au/news/2019-11-18/half-of-super-pit-gold-mine-sells-for-billion-dollars/11714244