Barrick Gold Sells 50% Stake in Zaldívar Mine to Antofagasta

Canadian digging very big Barrick Gold Corporation put it has found an understanding to advertise a 50 percentage money in the Zaldivar copper mineral mine in binding Chile to Santiago-based company Antofagasta PLC for one dollar bill.

Under the terms of the agreement, Antofagasta will pay Barrick $980 million in cash upon closing and an additional $25 million in cash over the next five years. Ltd. for US$298 million.

Zaldivar, in northern Chile, produced 222 million pounds of copper in 2014, according to Barrick’s website.

Proven and probable copper reserves from the mine as at December 31, 2014, were 5.56 billion pounds. “We are enthusiastic about partnering with Barrick at Zaldivar”. We have consistently been impressed with the workforce at Zaldivar, and look forward to partnering with them.

Toronto-based Barrick also said it was “actively exploring” a number of other joint venture and sales opportunities.

“The sale of 50 percent of Zaldivar is consistent with our strategy to create long-term value for our shareholders”, Kelvin Dushnisky, Barrick’s co-president, said.

The deal is expected to be completed in late 2015.

Both companies said the agreement was a first step in a partnership. In connection with the transaction, Citi acted as financial advisor and Cassels Brock & Blackwell LLP and Bofill Mir & Alvarez Jana Abogados acted as legal counsel to Antofagasta.