TORONTO and VANCOUVER The money continues to find its way to Canadian mining companies. Toronto’s BARRICK GOLD will issue US$750 million in debt securities and Vancouver’s PLACER DOME will raise US$500 million in a public offering of common shares.
Barrick is offering securities in the form of 5.8% notes due in 2034 and 4.875% notes due in 2014. Net proceeds will be used to fund construction at Barrick’s Pascua-Lama mine on the Chile-Argentina border, the Veladero mine in Argentina, the Lagunas Norte project in Peru, the Cowal mine in Australia and the Tulawaka mine in Tanzania. Some of the funds are earmarked for investments in Barrick subsidiaries. Details of these ambitious projects are available at www.barrick.com.
Placer Dome has priced its share offering at US$22/share which will result in the issuance of about 18.5 million common shares. The company’s 2004 exploration budget was US$75 million, including the advanced Pueblo Viejo project in the Dominican Republic and the Donlin Creek project in Alaska. More information is available at www.PlacerDome.com.