TORONTO – Barrick Gold continues to shed non-core assets as it attempts to reduce its corporate debt by US$3 billion this year. The latest project to get the boot is the Gold Ridge exploration project in Nevada.
Barrick notified its partner, Coral Gold Resources of Vancouver, that it is pulling out of the Gold Ridge joint venture agreement due to budgetary constraints. Coral Gold will retain its 100% interest in the property and said it has faith in the property and will seek another partner.
Barrick signed the Gold Ridge option in March 2014 and agreed to spend US$12 million over five years to earn a 60% share of the property. Barrick’s interest could have grown to 75% if it delivered a scoping study.
Visit CoralGold.com to learn more about Gold Ridge and the company’s other holdings in Nevada.
Also on the block are Barrick’s holdings in New South Wales (Cowal gold mine) and Papua New Guinea (Porgera gold mine). The company is entertaining bids reportedly from some of Australia’s largest gold miners as well as South African and Chinese suitors. The successful bids could be announced early next week.
For more on Barrick’s holdings, go to Barrick.com.