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Barrick expects to complete the sale of the Bald Mountain mine (pictured) to Kinross Gold by mid-January. (Image courtesy of Barrick Gold)
Canada’s Barrick Gold (NYSE, TSX: ABX) has completed the previously announced sale of its 70% interest in the Spring Valley project and 100% interest in the Ruby Hill mine to subsidiaries of Waterton Precious Metals Fund II Cayman, LP for $110 million in cash.
The world’s largest gold producer said the sale helps it to meet its debt reduction target of $3 billion the year, which, when completed, will represent a 23% reduction in total debt since the start of 2015.
In May, the company sold half of its Porgera mine in Papua New Guinea to Zijin Mining Group in a $298 million cash deal.
And in July, Barrick sold a 50% stake in its Zaldívar copper mine in Chile to Antofagasta Plc. (LON:ANTO) for $1 billion.
Barrick noted it expected to complete the sale of the Bald Mountain mine and its 50% interest in Round Mountain to fellow Canadian miner Kinross Gold (TSX:K) (NYSE:KGC) by mid-January.
Comments
LAMB
Given all the sales of assets, the question remains ; HOW LONG BEFORE BARRICK DECLARES BANKRUPTCY? Will it still be around in 5 years time?