Barrick Completes Sale of 50-percent Stake in Zaldivar Mine

Barrick Gold Corp. (TSX:ABX,NYSE:ABX) announced that it’s completed the sale of a 50-percent stake in its Zaldivar copper mine to Antofagasta plc (LSE:ANTO).
As quoted in the press release:

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 percent reduction in total debt since the start of the year.

Kelvin Dushinsky, president of Barrick, commented:

The sale of 50 percent of Zaldívar has strengthened our balance sheet while allowing us to maintain significant exposure to a strong cash-generating operation. 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.

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