Canada's Barrick Gold (TSX: ABX) (NYSE: GOLD), the world's second largest producer of yellow metal, reached an agreement to sell its 50% interest in Kalgoorlie Consolidated Gold Mines in Western Australia to Saracen Mineral Holdings (ASX: SAR).
Saracen already has two gold operations in the Kalgoorlie region, namely the Carosue Dam and the Thunderbox mining sites.
In a media statement, Barrick said that the KCGM transaction involved the payment of $ 750 million in cash and that such funds will be used to further strengthen the company's balance sheet, invest in future projects and deliver returns to its shareholders.
-operative interest in KCGM represents the first step in our plan to realize over $ 1
Bristow said Barrick was pleased to have achieved a successful result following a competitive sales process and was convinced that Saracen would be an excellent partner for Newmont Goldcorp at KCGM going forward.
The KCGM operation includes the Fimiston open pit, also known as the Super Pit, the Mt Charlotte underground mine and the Fimiston and Gidji processing plants, all located adjacent to the city of Kalgoorlie-Boulder about 600