Barrick Completes $50 Million Sale of Alturas Project, Chile
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Barrick Mining has completed the divestiture of the Alturas Project in Chile to Boroo Pte. Ltd. (Singapore) for an up-front cash payment of $50 million.
In addition, Barrick has been granted a 0.5 percent net smelter return royalty on gold and silver produced from the project, which will terminate once 2 million ounces of gold and gold-equivalent have been produced. Boroo may repurchase the royalty within four years from closing for $10 million.
Barrick Mining engages in the exploration, mine development, production, and sale of gold and copper properties. It has ownership interests in producing gold mines that are located in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Tanzania, and the United States. The company also has ownership interests in producing copper mines located in Chile, Saudi Arabia, Zambia, and various other projects located throughout the Americas, Asia, and Africa. Barrick Gold Corporation was founded in 1983 and is headquartered in Toronto, Canada.
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