Barrick completes sale of Lagunas Norte mine to Boroo
(Kitco News) - Barrick Gold (NYSE:GOLD)(TSX:ABX) today reported that it has completed the previously announced divestiture of its interest in the Lagunas Norte mine in Peru to Boroo Pte Ltd (Singapore).
On February 16, 2021, Barrick announced it has reached an agreement to sell its 100% interest in the Lagunas Norte mine to Boroo for a total consideration of up to $81 million, plus the assumption by Boroo of Barrick’s closure liability relating to Lagunas Norte of $226 million backed by an existing $173 million bonding obligation.
Barrick said that the sale was in line with Barrick's policy of selling non-core interests — a process which has already realized some $1.5 billion — in order to focus its portfolio on Tier One assets.
According to Wikipedia, the Lagunas Norte mine is one of the largest gold mines in Peru and in the world. The mine is located in the north-western part of Peru in La Libertad Region, 140 kilometers from Trujillo. At the end of 2018, the mine produced 245,000 ounces of gold and had an estimated reserves of 3.95 million oz of gold. The mine is currently inactive. In 2019, Barrick announced that it had placed the mine on care and maintenance.