Market Overview

Barrick to Divest Plutonic Mine in Australia for A$25M in Cash

Barrick Gold Corporation (NYSE: ABX) today announced it has agreed to divest its Plutonic mine ("Plutonic") in Western Australia to Northern Star Resources Ltd ("Northern Star") for total cash consideration of A$25 million, subject to certain closing adjustments. The transaction, which is subject to customary closing conditions, is expected to close in February, 2014.Plutonic contained proven and probable reserves of 0.2 million ounces(1), measured and indicated resources of 0.8 million ounces(1) and inferred resources of 1.0 million ounces(1) as at December 31, 2012. The mine produced 86,000 ounces in the first nine months of 2013 at all-in sustaining costs of $1,110 per ounce(2).UBS Securities Canada Inc. and BofA Merrill Lynch are acting as financial advisors to Barrick with respect to the transaction. Clayton Utz is acting as legal counsel to Barrick.
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Posted-In: News Guidance Asset Sales Management Global

 

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