Canadian Mining Journal

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GOLD: Barrick to shed two more Australian mines

ESTERN AUSTRALIA – Addressing the Denver Gold Forum this week, Jamie Sokalsky, president and CEO of Toronto's Barrick Gold Corp., said his company intends to sell two more of its gold producers. Speculation is that the Plutonic and the...



ESTERN AUSTRALIA – Addressing the Denver Gold Forum this week, Jamie Sokalsky, president and CEO of Toronto’s Barrick Gold Corp., said his company intends to sell two more of its gold producers. Speculation is that the Plutonic and the Kanowna gold mines are on the block.

According to a report from the CBC, the two mines are valued at US$45 million and US$55 million, respectively.

In August 2013, Barrick sold three of its Australian gold mines – Darlot, Granny Smith and Lawlers – to Gold Fields of Johannesburg, South Africa. The deal was worth about US$300 million.

As both the price of gold and its stock price fall, Barrick is looking to sell, suspend or cut production at 12 of its 27 mines around the world.

For more information about Barrick’s mines, visit Barrick.com.