Canadian Mining Journal

News

GOLD: Barrick sheds three mines in Nevada, gains $720M



NEVADA – Toronto’s Barrick Gold has unloaded three more “non-core” assets, two of which are its shares in the Bald Mountain and Round Mountain gold mines. Kinross Gold, also Toronto-based, has agreed to pay US$610 million for the three properties.

Kinross will gain a 100% interest in Bald Mountain and an additional 50% of Round Mountain where it is operator. Both are open pit, heap leaching operations. Company president and CEO J. Paul Rollinson called this acquisition “a rare opportunity to add quality, free cash flowing assets.”

Barrick and Kinross have also agreed to form a 50-50 joint venture to explore land on the Bald Mountain property.

Barrick is also selling its 70% interest in the Spring Valley project and its 70% interest in the Ruby Hill gold mine to subsidiaries of Waterton Precious Metals of the Cayman Islands for US$110 million in cash.

Both deals are subject to the usual legal and regulatory conditions.

Please see Kinross.com for additional information about Bald Mountain and Round Mountain.