TORONTO (Reuters) – Canadian miner Barrick Gold Corp (ABX.TO) is keen to top its $1.5 billion target for asset sales after shedding its half of the Super Pit gold mine in Western Australia, Chief Executive Officer Mark Bristow said on Monday.
Australia’s Saracen Mineral Holdings Ltd (SAR.AX) agreed on Monday to buy Barrick’s 50% stake of the Kalgoorlie Consolidated Gold Mines Joint Venture, which operates one of Australia’s largest gold mines, for $750 million.. Newmont Goldcorp Corp (NEM.N) holds the other 50% share.
The deal is a first step in Barrick’s plan to jettison at least $1.5 billion in less-profitable assets by the end of 2020 in the wake of its acquisition of Rangold Resources a year ago. “The number is $1.5 billion to beat,” Bristow said in an interview. “We’re already half way.” Continue Reading →