Toronto-based Barrick Gold Corporation has agreed to sell a 50% stake in Kalgoorlie Consolidated Gold Mines to Australia’s Saracen Mineral Holdings Limited. The deal is worth a total of US$750 million, the Canadian miner said in a statement.
"The sale of our non-operating interest in KCGM represents the first step in our plan to realize in excess of $1.5 billion from the disposal of non-core assets by the end of next year. While this iconic gold mine has been a valuable contributor to Barrick over the years, the asset does not fit with our strategy of operating mines that we own," said Mark Bristow, the president and chief executive officer of Barrick, as quoted in the statement.
Kalgoorlie Consolidated Gold Mines says its operations include the Fimiston open pit, the Mt Charlotte underground mine and the Fimiston and Gidji processing plants.