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Barrick Gold To Sell Its 50% Stake In Australian Gold Mines For $750 Mln

Barrick Gold Corp. (GOLD, ABX.TO) agreed to sell its 50 percent interest in Kalgoorlie Consolidated Gold Mines in Western Australia to Saracen Mineral Holdings Limited for a total consideration of US$750 million in cash.

The transaction is expected to be completed in the fourth quarter of 2019. Saracen is a gold company with two gold operations in the Kalgoorlie region of Western Australia.

Barrick noted that it will use proceeds from the sale to further strengthen the balance sheet, invest in future and support commitment to deliver returns to shareholders.

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