TORONTO - BARRICK GOLD has made a friendly cash offer for all of ARIZONA STAR's outstanding shares for Cdn$18 each. The deal is worth Cdn$773 million on a fully diluted basis. The directors of Arizona Star have unanimously recommended the bid.
Arizona Star owns a 51% interest in the Cerro Casale copper-gold deposit in Chile. The remainder is held by KINROSS GOLD.
Cerro Casale is an attractive, long-life asset that we look forward to adding to our unrivalled project pipeline, said Greg Wilkins, Barrick president and CEO. Cerro Casale will be a very complementary addition with potential synergies for our asset base in Chile where we have been operating for well over a decade. We are pleased to have reached a friendly agreement in the current circumstances, which are conducive to the project moving forward.
Barrick's assets in the region include the Zaldivar copper mine in Chile, the Pascua-Lama gold-silver project on the Chile-Argentina border, the Veladero gold mine in Argentina, and the Lagunas Norte and Pierina gold mines in Peru.
Technical reports on the Cerro Casale project are posted at www.ArizonaStar.com.