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New Orperu Resources Inc NOPUF

New Oroperu Resources Inc is an exploration-stage company. Principally, it is in the business of acquiring and exploring mineral resource properties located in Peru and Canada. The company holds an interest in the Tres Cruces project in north-central Peru. In addition, the company also has a mineral property located in Ontario, Canada.


GREY:NOPUF - Post by User

Post by Chreca1on Feb 16, 2021 10:49pm
263 Views
Post# 32581596

Lagunas Norte sold

Lagunas Norte soldFInally some action ongoing.
I guess you all seen this already but somebody got to post it here anyway, got to keep this dead BB somewhat alive, right ! :)

Barrick logo RGB.jpg

Barrick Reaches Agreement to Sell the Lagunas Norte Mine

 

| Source: Barrick Gold Corporation

All amounts expressed in US dollars

TORONTO, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced it has reached an agreement to sell its 100% interest in the Lagunas Norte mine in Peru (“Lagunas Norte”) to Boroo Pte Ltd (Singapore) (“Boroo”) for a total consideration of up to $81 million, plus the assumption by Boroo of Barrick’s closure liability relating to Lagunas Norte of $226 million backed by an existing $173 million bonding obligation.

The total consideration consists of an up-front cash payment of $20 million, additional cash consideration of $10 million payable on the first anniversary of closing and $20 million payable on the second anniversary of closing, a 2% net smelter return royalty (“NSR”) on gold and silver produced through the refractory sulphide ore project (“PMR”), which will terminate once one million ounces of gold has been produced and which may be purchased by Boroo for a limited period of time after closing for $16 million, plus a contingent payment of up to $15 million which is based upon the average gold price per ounce for the two-year period immediately following closing (“Average Gold Price”). The contingent payment, which is payable two years following closing, is $5 million if the Average Gold Price is greater than $1,600 and less than $1,700; $10 million if the Average Gold Price is greater than $1,700 and less than $1,800; and $15 million if the Average Gold Price exceeds $1,800.

Boroo will also assume 100% of the $173 million reclamation bond obligations for Lagunas Norte in two tranches: 50% on closing and 50% within one year of closing. The deferred payments, the contingent payments, and the obligation to replace the second tranche of the reclamation bond obligations will be secured.

Barrick president and chief executive Mark Bristow said the sale was in line with Barrick’s policy of selling non-core interests — a process which has already realized some $1.5 billion — in order to focus its portfolio on Tier One1 assets. The proposed acquisition would benefit the mine’s stakeholders in Peru by giving Boroo the opportunity to extend its life by accessing satellite resources and adapting the infrastructure.

The Latin American region remains an important destination for Barrick, and the company will keep a team in Peru to continue to develop its portfolio of exploration assets and to pursue opportunities to find and operate world-class gold and or copper mines in that country.

The transaction is subject to closing conditions.

Boroo, formerly known as OZD ASIA PTE Ltd, is a privately-held investment holding company principally engaged in operating, developing and acquiring gold properties globally. Boroo owns and operates various production-stage and development-stage assets in Central Asia.

TD Securities Inc is acting as financial adviser to Barrick. Lawson Lundell LLP and Rodrigo, Elias & Medrano Abogados are acting as legal counsel to Barrick.

Cormark Securities Inc is acting as financial adviser to Boroo. Stikeman Elliott LLP, Ashurst LLP and Payet, Rey, Cauvi, Prez Abogados are acting as legal counsel to Boroo.

Enquiries:

President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386

SEVP Strategic Matters
Kevin Thomson
+1 416 307 5150

Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com

Website: www.barrick.com


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