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Barrick to sell Chile project for $50m

MARK BRISTOW: This is a good example of an instance where an asset we own might be better suited in the hands of others.

MARK BRISTOW: This is a good example of an instance where an asset we own might be better suited in the hands of others.

8th August 2025

By: Creamer Media Reporter

     

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NYSE- and TSX-listed Barrick Mining announced on Friday it would sell its Alturas gold project in Chile to a unit of Singapore’s Boroo for $50-million in cash, plus a 0.5% net smelter return royalty on gold and silver output.

The royalty will end after two-million ounces of gold and gold-equivalent are produced, and Boroo may buy it back within four years for $10-million.

“This agreement allows Barrick to exit Alturas at an attractive valuation, while giving Boroo the opportunity to pursue the development of the project,” CEO Mark Bristow said in a statement.

“This is another good example of an instance where an asset we own might be better suited in the hands of others while we pursue our priority portfolio of Barrick-managed growth projects.”

Barrick said the sale proceeds would strengthen its balance sheet, fund future investments and support returns to shareholders. The deal, involving the sale of all shares in Barrick’s Chilean subsidiary Compañia Minera Salitrales, is expected to close in the third quarter, subject to customary conditions.

Barrick continues to own stakes in the Zaldivar copper mine, as well as the El Alto and Norte Abierto projects, in Chile.

Edited by Creamer Media Reporter

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