Barrick Gold Corp. (TSX:ABX,NYSE:ABX) announced that it’s completed the formation of a strategic joint venture with Zijin Mining Group Co. Ltd. (HKEX:2899).
As quoted in the press release:
[The deal includes] the sale of a 50 percent interest in Barrick (Niugini) Limited (“BNL”), for a total cash consideration of $298 million. Proceeds from the transaction will be used to repay debt.
BNL is the 95 percent owner and manager of the Porgera Joint Venture gold mine in Papua New Guinea.
Click here to read the full Barrick Gold Corp. (TSX:ABX,NYSE:ABX) press release.
GoldON Resources Ltd. (TSXV:GLD) properties include the Slate Falls (gold-silver-VMS) property in northwestern Ontario and the Swayze (gold) project adjoining Trelawney-IAMGOLD’s multimillion ounce Côté Gold Project in northeastern Ontario. Connect with GLD to receive news instantly.
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