Make Kitco Your Homepage

Barrick , Shandong Complete Sale, Form Joint Venture

Kitco News

Editor's Note: Kitco readers, have your say! Check out our newest feature – KITCO CHAT! – where you can share your comments and ask questions directly to us.

Barrick Gold Corp. (NYSE, TSX: ABX) has completed the previously announced sale of a 50% interest in the Veladero mine in Argentina to Shandong Gold Mining Co., Ltd. for $960 million. The April agreement also calls for the two companies to form a 50-50 joint venture at Veladero. As a result, “the two companies have also formed a working group to explore the joint development of the Pascua-Lama deposit,” Barrick says. “As a third step, Barrick and Shandong will evaluate additional investment opportunities on the highly prospective El Indio Gold Belt on the border of Argentina and Chile.” Proceeds from the sale of 50% of Veladero will be used primarily to reduce debt, Barrick says.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News