Barrick Announces Agreement to Divest its Minority Interest in Marigold in Nevada
04 Febbraio 2014 - 7:10AM
Marketwired
Barrick Announces Agreement to Divest its Minority Interest in
Marigold in Nevada
Further Progress in Portfolio Optimization Process
TORONTO, ONTARIO--(Marketwired - Feb 4, 2014) -
All amounts expressed in US dollars unless otherwise
indicated.
Barrick Gold Corporation
(NYSE:ABX)(TSX:ABX) (Barrick or the "company") today announced it
has agreed to divest its minority interest in the Marigold mine
("Marigold") in Nevada to Silver Standard Resources Inc. ("Silver
Standard") for total cash consideration of $86 million, subject to
certain closing adjustments. The transaction is expected to close
in April, 2014.
Barrick has a 33.3% interest
in Marigold, with the remaining 66.7% interest owned by the
operator, Goldcorp Inc. ("Goldcorp"). Barrick's share of production
in 2013 was about 55,000 ounces of gold at all-in sustaining costs
(AISC) of about $1,545 per ounce(1). Barrick's share of proven and
probable reserves at December 31, 2012 was 1.6 million ounces(2),
and its share of measured and indicated resources and inferred
resources was 0.2 million ounces(2) and 0.4 million ounces(2),
respectively.
The transaction is a result of a single, coordinated divestiture
process jointly executed with Goldcorp. Proceeds to Barrick have
been adjusted to reflect Goldcorp's position as manager and
majority owner of the joint venture.
The divestiture of Barrick's minority interest in Marigold is
part of Barrick's ongoing portfolio optimization process to
maximize free cash flow in line with the company's disciplined
capital allocation framework.
RBC Capital Markets is acting
as financial advisor to Barrick with respect to the
transaction.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in
this press release, including any information as to our strategy,
projects, plans or future financial or operating performance,
constitutes "forward-looking statements". All statements, other
than statements of historical fact, are forward-looking statements.
The word "expect" and similar expressions identify forward-looking
statements. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable by the company, are inherently subject to significant
business, economic and competitive uncertainties and contingencies.
Known and unknown factors could cause actual results to differ
materially from those projected in the forward-looking statements.
Such factors include, but are not limited to: fluctuations in the
spot and forward price of gold and copper or certain other
commodities; changes in national and local government legislation,
taxation, controls, regulations, expropriation or nationalization
of property and political or economic developments in the United
States and other jurisdictions in which the company does or may
carry on business in the future; and our ability to successfully
complete divestitures. Many of these uncertainties and
contingencies can affect our actual results and could cause actual
results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, us. Readers
are cautioned that forward-looking statements are not guarantees of
future performance. All of the forward-looking statements made in
this press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a discussion of some of the
factors underlying forward-looking statements.
(1) |
All-in sustaining cost per ounce is a non-GAAP financial
performance measure with no standardized definition under IFRS. See
pages 44-49 of Barrick's Third Quarter 2013 Report. |
|
|
(2) |
For a
breakdown of reserves and resources by category and additional
information relating to reserves and resources, see pages 25-35 of
Barrick's Form 40-F. |
INVESTOR CONTACT: Amy SchwalmVice President, Investor
Relations(416) 307-7422aschwalm@barrick.comMEDIA CONTACT: Andy
LloydVice President, Communications(416)
307-7414alloyd@barrick.com
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