Barrick Completes Divestiture of Minority Interest in Marigold in Nevada
04 Aprile 2014 - 8:19PM
Marketwired
Barrick Completes Divestiture of Minority Interest in Marigold in
Nevada
TORONTO, ONTARIO--(Marketwired - Apr 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 completed the divestiture of 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.
Barrick had previously held a
33.3% interest in Marigold, with the remaining 66.7% interest owned
by the operator, Goldcorp Inc. ("Goldcorp"). Barrick's share of
proven and probable reserves at December 31, 2013 was 1.4 million
ounces1, and its share of measured and indicated resources and
inferred resources was 0.2 million ounces1 and 0.1 million ounces1,
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.
As part of its portfolio optimization program, since mid-2013
Barrick has announced divestitures of high cost and non-core assets
for total consideration of over $1 billion, strengthening the
overall quality of the company's portfolio.
RBC Capital Markets is acting
as financial advisor to Barrick with respect to the
transaction.
1 For a breakdown of reserves and resources by category and
additional information relating to reserves and resources, see
pages 27-37 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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