Barrick sells Chile’s Alturas project to Boroo for $50m
NYSE- and TSX-listed Barrick Gold has completed the sale of its Alturas project in northern Chile to Singapore-based Boroo for $50-million in cash.
As part of the deal, Barrick will retain a 0.5% net smelter return royalty on gold and silver production from Alturas, which will terminate after two-million ounces of gold and gold-equivalent have been produced. Boroo has the option to repurchase the royalty for $10-million within four years.
Boroo said on Friday that the acquisition marked its entry into Chile and aligned with its strategy to become a midtier global metals producer with a diversified portfolio of long-life assets.
Located in the prolific El Indio Belt near the Chile-Argentina border, Alturas is a high-sulphidation epithermal gold system discovered by Barrick in 2015. The project hosts indicated resources of 2.2-million ounces of gold and inferred resources of 3.6-million ounces, based on more than 130 000 m of drilling.
“We are excited to complete the acquisition of the Alturas project,” said Boroo CEO Dulguun Erdenebaatar in a statement.
“We look forward to advancing Alturas in a phased manner and building on Barrick’s legacy of constructive engagement with local authorities and communities. This also represents Boroo’s entry into Chile – a country with world-class copper potential – and an important step in broadening our strategy toward a more balanced gold and copper portfolio.”
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Comments
Projects
Latest Multimedia
Showroom
The Aluminium Federation of South Africa (AFSA), is the voice of the South African aluminium industry.
VISIT SHOWROOM
EIMS is an independent specialised environmental consulting firm offering the full spectrum of environmental management services across all sectors...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
