Boston, MA 04\/23\/2014 (wallstreetpr) –\u00a0Barrick Gold Corporation (USA) (NYSE:ABX) <\/b>divested its minority interest in Marigold mine to Silver Standard Resources for a cash of $86 million. The initiative was taken to optimize its portfolio and maximize free cash flow.<\/p>\n
Marigold mine was operating under the collaboration of Barrick and Goldcorp Inc. (USA) (NYSE:GG)<\/b>. Goldcorp is a major stakeholder with 66.7% ownership and Barrick was holding only 33.3% of the stake. In Marigold mine, Barrick shares comprise of Proven and Probable (P&P) reserves of 1.4 million oz, Measured and Indicated (M&I) reserves of 0.2 million oz and Inferred reserves of 0.1 million oz as of December 31, 2013.<\/p>\n
Strong reserves and resources <\/b><\/p>\n
The divestiture will have a limited impact over its overall portfolio as Barrick\u2019s core mines generate more than 60% of total gold production. It has strong gold reserves across different geographies. The reserves and resources include 104.1 million ozs of P&P reserves, 99.4 million ozs of M&I resources and 31.9 million ozs of Inferred resources as of December 31, 2013.<\/p>\n
Optimization of portfolio to enhance efficiencies <\/b><\/p>\n
Since 2013, Barrick Gold Corporation (USA) (NYSE:ABX) divested high costs and non-core assets and reduced from 27 mines to 19 by mid 2014. The Company primarily intends to strengthen the quality of the portfolio and retain assets that provide shareholders\u2019 value in long-term. It aims to increase operating efficiencies from the existing assets that help in improving capital for the Company.<\/p>\n
Positive outlook over production<\/b><\/p>\n
As of December 31, 2013, Barrick produced 7.2 million ozs of gold with average all-in sustaining costs per oz (AISC) of $915, of which, 55% of total mines have average AISC of <$700 per oz and adjusted operating costs per oz of $566.<\/p>\n
In 2014, Barrick Gold Corporation (USA) (NYSE:ABX) expects more production from its core mines with an average AISC of $920 to $980 per oz and adjusted operating costs of $590 to $640 per oz. Five core mines will produce ~60% of gold with an average AISC of $750-$800 per oz during 2014.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 04\/23\/2014 (wallstreetpr) –\u00a0Barrick Gold Corporation (USA) (NYSE:ABX) divested its minority interest in Marigold mine to Silver Standard Resources for a cash of $86 […]<\/p>\n","protected":false},"author":15,"featured_media":19073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[3334,3805,3181,3806],"stock_ticker":[],"class_list":["post-20048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-barrick-gold-corporation-usa-nyseabx","tag-goldcorp-inc-usa-nysegg","tag-nyseabx","tag-nysegg","entry"],"acf":[],"yoast_head":"\n