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Barrick Gold to sell its share in Kalgoorlie Consolidated Gold Mines in WA estern Auto Saracen Mineral

Mining News - Published on Tue, 19 Nov 2019

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Barrick Gold Corporation announced that it has reached an agreement to sell its 50 percent interest in Kalgoorlie Consolidated Gold Mines in Western Australia to Saracen Mineral Holdings Limited for a total consideration of $750 million in cash. Mr Mark Bristow, Barrick president and chief executive officer, said "The sale of our non-operating interest in KCGM represents the first step in our plan to realize in excess of $1.5 billion from the disposal of non-core assets by the end of next year. While this iconic gold mine has been a valuable contributor to Barrick over the years, the asset does not fit with our strategy of operating mines that we own. The sale allows us to further focus our portfolio on core operations.”

The transaction is expected to be completed in the fourth quarter of 2019 and is subject to customary closing conditions.

Saracen is an ASX200 listed gold company with two gold operations in the Kalgoorlie region of Western Australia.

Credit Suisse Securities (Canada) Inc is acting as financial adviser to Barrick. Davies Ward Phillips & Vineberg LLP and Herbert Smith Freehills LLP are acting as legal counsel to Barrick.

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Posted By : Rabi Wangkhem on Tue, 19 Nov 2019
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