Barrick Gold Corp. [ABX-TSX, NYSE] has completed the sale of a 50% interest in the Zaldivar copper mine to Antofagasta PLC. All amounts are in US dollars.
“The sale of 50% of Zaldivar has strengthened our balance sheet while allowing us to maintain significant exposure to a strong cash-generating operation,” said Barrick President Kelvin Dushnisky. “We are excited to form a new partnership with Antofagasta PLC that will provide a platform to collaborate and share knowledge, with the potential to deliver value for both companies.”
There have been no material changes to the terms of the acquisition since the announcement of the transaction.
The proceeds of the sale will be used to reduce debt. Barrick has announced asset sales, joint ventures and partnerships worth $3.2-billion since the start of 2015. The company is on track to meet its stated debt reduction target of $3-billion for 2015, which, when completed, will represent a 23% reduction in total debt since the start of the year.