TORONTO, ONTARIO--(Marketwired - Jan. 11, 2016) -
All amounts expressed in US dollars
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) ("Barrick" or the "company") today announced that it has completed the sale of the company's 50 percent interest in the Round Mountain mine and 100 percent of the Bald Mountain mine to Kinross Gold Corporation ("Kinross"). Barrick and Kinross have also completed the formation of an exploration joint venture covering a large land package on the Bald Mountain property. Barrick has received $610 million in cash for these assets.
"In line with our strategy, we announced asset sales, joint ventures and partnerships worth $3.2 billion in 2015, allowing us to achieve our debt reduction target of $3 billion for the year, while improving our liquidity and further focusing the company's portfolio on core mines that drive free cash flow," said Barrick President Kelvin Dushnisky. "We are also excited to form a new exploration partnership with Kinross that will allow us to maintain significant exposure to a highly prospective land package at Bald Mountain."