Barrick Gold to Sell Noncore Assets for $720 Million
2015年11月12日 - 11:13PM
Dow Jones News
By Judy McKinnon
Barrick Gold Corp., the world's largest gold miner by output,
said Thursday it has reached two separate agreements to sell
noncore mining assets in Nevada for a total of $720 million.
The Toronto-based miner put the assets up for sale earlier this
year as part of its plan to cut debt by $3 billion this year.
The bulk of the sale proceeds, or $610 million, will come from
gold-mining peer Kinross Gold Corp., which will purchase Barrick's
Bald Mountain gold mine and its 50% stake in the Round Mountain
mine in Nevada. Kinross already owns the other 50% of Round
Mountain and is its operator.
The remaining assets, which include the Ruby Hill mine and
Barrick's 70% interest in the Spring Valley project, will be sold
to mining-focused private-equity firm Waterton Global Resource
Management for $110 million.
The assets are part of a group of six producing and
development-stage noncore assets, mostly in Nevada, that Barrick
has been looking to sell to help shore up its balance sheet.
Analysts had been expecting the assets to bring in around $500
million.
Barrick said it has now arranged asset sales, joint ventures and
partnerships worth $3.2 billion since the start of the year.
Barrick and Kinross also agreed to form an exploration joint
venture that will own a major land package on the Bald Mountain
property, with Kinross acting as operator.
Barrick said it expects the sale to Waterton to close by
year-end, while the sale to Kinross is expected to be completed by
mid-January.
Write to Judy McKinnon at judy.mckinnon@wsj.com
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(END) Dow Jones Newswires
November 12, 2015 08:58 ET (13:58 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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