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Barrick selling stakes in 2 Australian mines for $75-million

Barrick Gold’s sale of the Kanowna Belle and Kundana operations to Northern Star Resources Ltd. is expected to close in March.

Lisi Niesner/Reuters

Barrick Gold Corp. is selling its interest in two mine operations in Western Australia for AU$75-million in cash as part of what it calls its "portfolio optimization program."

The sale of the Kanowna Belle and Kundana operations to Northern Star Resources Ltd is expected to close in March.

Barrick says the price, equivalent to about C$73.6-million, is subject to certain closing conditions.

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The mine operations, collectively known as Kanowna, produced about 225,000 ounces of gold in 2013.

"As part of its portfolio optimization program, over the past six months Barrick has announced divestitures of short-life, high-cost and non-core assets for total consideration of about US$850-million, strengthening the overall quality of the company's portfolio," the company said in a release Wednesday after markets closed.

On the Toronto Stock Exchange, Barrick shares closed down 28 cents at $20.81 on Wednesday.

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