The gold-rich Guiana Shield in, which spans Guyana, Venezuela and northern Brazil is about to be probed by a joint venture between Barrick Gold Corp. (T.ABX) and Reunion Gold Corp. (V.RGD).
Barrick announced on Monday that it is funding the initial $4.2 million on projects and further funding will be shared between the two companies. The intent is to purchase tier-one mines in the region (low-cost operations that produce at least 500,000 ounces of gold a year). Barrick is also increasing its stake in Reunion Gold from 15% to 20%.
Before the bell, ABX shares were down 1.7% to $13.02, as the price of gold was also lower.
*Feature image via Barrick Gold on Twitter.