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Tag: barrick gold corp

Kalgoorlie-Super-Pit

Barrick Gold's (NYSE,TSX:ABX) quest to find a buyer of the Kalgoorlie "Super Pit" has taken another intriguing turn.

Over the past couple of days rumours have been swirling that a Chinese company with deep pockets has put in an offer for Barrick's 50% stake in the Australian gold mining operation. The bid is reportedly $540 million above any other competing offer.

Newmont Mining (NYSE:NEM) owns the other half and Barrick handed over operational control of the iconic mine to Newmont in May of last year. The Super Pit is expected to be depleted of ore by 2019 but underground mining could continue after that.

[I]f it goes through, the transaction would put an end to earlier dalliances between Barrick and Newmont, the natural buyer of the stake since it already owns half the mine.

Two sources told Reuters that "Barrick Gold Corp. is reviewing the financial backing behind an approximately $1.3-billion (U.S.) bid for its stake in Australia’s Kalgoorlie mine by Minjar Gold, a unit of Shanghai-listed Shandong Tyan Home," according to a story carried today in The Globe and Mail. 

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Unsurprisingly, considering that major miners rarely offer press comments on mergers and acquisitions in whole or in part, Barrick was mum on the potential deal. But if it goes through, the transaction would put an end to earlier dalliances between Barrick and Newmont, the natural buyer of the stake since it already owns half the mine.

The Reuters source said Canadian, Australian and Chinese companies have also shown interest in the Kalgoorlie stake, which is Toronto-based Barrick's last gold holding in Australia. The mine is valued between US$600 million and $1 billion. Reserves top 7.5 million ounces and the mine is one of the biggest in Australia, producing about 800,000 ounces annually.

Barrick, the world's No. 1 gold company, has set a target of paying down $2 billion in debt this year, mostly by selling mines or stakes of mines, including its majority stake in its African subsidiary Acacia Mining (LON:ACA). Barrick sold four U.S. gold mines this time last year. Newmont has shown interest in purchasing Barrick's Kalgoorlie stake, but price has been an issue and a deal has so far eluded the Denver-based company. 

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Minjar Gold has been on the hunt for Australian mines all year. The company in August purchased Evolution Mining's (ASX:CAH) Pajingo mine for US$40 million – a deal that looks like small change in comparison to the offer on the table for Kalgoorlie.

Perth-based Minjar Gold is incorporated in Australia but is owned by Shandong Tyan Home. That company is listed on the Shanghai Stock Exchange and its primary business is Chinese property development. It has a current market value of $12.1 billion.

News of the whopping bid for Australia's Super Pit emerged around the same time that China’s Chinalco inked a preliminary deal with Peru's government to expand the Toromocho copper mine, the Asian nation’s largest overseas copper project.

The move is part of a series of agreements signed this week that will see China pouring close to $5.3 billion into Peru’s mining and energy sector. Chinalco is expected to inject $1.3 billion into Toromocho in the coming months.

The post Aussie gold miner with Chinese parent company looking to buy half of Kalgoorlie appeared first on MINING.com.

Don’t forget to follow us @INN_Resource for real-time news updates.

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Quebec Gold Mines

Quebec Gold Mines

Many geologists and mining experts consider the Canadian province of Québec to be an exceptional region from the standpoint of the potential wealth of its tremendous area of yet unexplored land.

Carolina Capital Changes Name to Broadway Gold Mining

Carolina Capital Corp. (“Carolina”) (TSXV: CQC) is pleased to announce the closing of the acquisition of a 100% interest, subject to underlying royalties, in the Madison Gold and Copper Mine (“Madison Mine”) located in southwestern Montana from Coronado Resources Ltd. (“Coronado”).

Carolina has received TSX Venture Exchange approval for the Company

Sona and Skeena Announce Closing of Arrangement Following Receipt of Final Order

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 15, 2016) – Skeena Resources Limited (“Skeena”) (TSX VENTURE:SKE)(FRANKFURT:QS7) and Sona Resources Corp. (“Sona”) (TSX VENTURE:SYS) are pleased to announce the completion of the previously announced arrangement agreement (the “Agreement”) that combines their respective companies by way of a statutory plan of arrangement pursuant to

Skeena Receives Drill Permits for Snip

VANCOUVER, BC–(Marketwired – July 27, 2016) – Skeena Resources Limited (TSX VENTURE: SKE) (“Skeena” or the “Company”) is pleased to announce that exploration permits have been granted for the proposed diamond drill program on the Company’s Snip gold project in the Golden Triangle of northwest British Columbia. As a result,

Skeena Closes First Tranche of Financing

VANCOUVER, BC–(Marketwired – June 29, 2016) – Skeena Resources Limited (TSX VENTURE: SKE) (“Skeena” or the “Company”) is pleased to report that, subject to approval by the TSX-Venture Exchange, it has closed the first tranche of private placement financing announced on June 9, 2016. The Company expects to close the

Skeena to Acquire Sona Resources

VANCOUVER, BC–(Marketwired – June 29, 2016) – Skeena Resources Limited (TSX VENTURE: SKE) (“Skeena” or the “Company”) and Sona Resources Corp. (“Sona”) (TSX VENTURE: SYS) have entered into a definitive agreement dated June 27, 2016 (the “Definitive Agreement” or the “Agreement”) pursuant to which Skeena has agreed to issue

Skeena to Acquire Sona Resources

VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 29, 2016) – Skeena Resources Limited (TSX VENTURE:SKE) (“Skeena” or the “Company”) and Sona Resources Corp. (“Sona”) (TSX VENTURE:SYS) have entered into a definitive agreement dated June 27, 2016 (the “Definitive Agreement” or the “Agreement”) pursuant to which Skeena has agreed to issue 14,936,740 common

Is Graphite Better Than Gold?

Is Graphite Better Than Gold?

Graphite and gold are completely different from each other—almost as different as apples and oranges—but one company in particular has actively made the switch from focusing on one over the other.

Barrick Gold Corp. (TSX:ABX,NYSE:ABX) announced that a mechanical issue at the Dominican Republic-based Pueblo Viejo mine should reduce production there until midway through January 2016.

Pueblo Viejo is a joint venture between Barrick (60 percent) and Goldcorp Inc. (TSX:G,NYSE:GG) (40 percent).

As quoted in the press release:

Two of three electric motors at the mine’s oxygen plant experienced an unexpected failure on November 19 and have been shipped to a specialized facility in the United States for repair. One motor remains operational. The plant provides the oxygen required for the autoclave processing facility that treats Pueblo Viejo’s refractory ore. Until the damaged motors are repaired, the autoclave facility will operate at a reduced capacity. The cause of the motor failure is currently under investigation.

Taking into account the potential impact of lower production from Pueblo Viejo in the fourth quarter, and based on our current rate of production, Barrick now expects to produce 6.0-6.15 million ounces of gold in 2015 at all-in sustaining costs of $830-$870 per ounce.

Click here to read the full Barrick Gold Corp. (TSX:ABX,NYSE:ABX) press release.

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