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Premiums for gold traded on the US-based Comex over the London spot market halved following the news report, to around $20 an ounce.
Barrick Gold (NYSE: GOLD) (TSX: ABX) is reportedly seeking to divest its 50% stake in the Zaldivar copper mine in Chile, as the miner shifts its focus towards larger and more lucrative operations.
Sources familiar with the matter told Bloomberg on Monday that the company has engaged advisors and initiated discussions with potential buyers regarding its interest in the relatively small mine.
Zaldivar mine, located in northern Chile, about 1,400 km north of capital Santiago, operates as a 50/50 joint venture with Chilean miner Antofagasta (LON: ANTO). The mine produced around 80,000 tonnes of copper last year, a figure that pales in comparison to larger mines in the region.
Antofagasta is going ahead with a $1.2 billion expansion of the mine, which would keep operations running through 2051.
While Barrick Gold is keen to expand into the copper sector, the company is also prioritizing the simplification of its business model. This includes a focus on tier-one assets and efforts to reduce debt.
Barrick had not responded to inquiries from MINING.COM regarding the potential sale at the time of publication. The divestment process remains in its early stages, according to Bloomberg sources, and it is uncertain whether a deal will materialize.
Looking ahead, Barrick Gold’s strategic pivot appears to be centred on its Reko Diq copper project in Pakistan and the Lumwana mine in Zambia, where the company is set to take on the role of operator.
The company is also dealing with issues at its Loulo-Gounkoto gold complex Mali, where operations were suspended last week, in the latest escalation of a months-long dispute.
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