The world’s No.2 gold miner is also planning to boost dividend by at least 50% next year, based on balance sheet improvements and the performance of its gold mines.
After pumping billions into the Indonesian mine for almost 25 years, Rio might be able to see a decent return as the country’s government plans to acquire the miner’s 40% stake in the coveted operation.
This intelligent mine would cost around $2.2 billion to develop and incorporate technologies such as robotics, driverless trains and trucks on a single site.
The non-brokered private placement gives Barrick about 15% of Reunion Gold Corporation (TSX-V:RGD), which has interests in four different projects in South America’s North Atlantic coast.