Barrick Gold confirms $960M sale of half of Veladero mine to Shandong

|About: Barrick Gold Corporation (ABX)|By:, SA News Editor

Barrick Gold (NYSE:ABX) agrees to sell a 50% stake in its Veladero mine in Argentina to China's Shandong Gold for $960M, confirming a report yesterday that flagged a likely deal.

The sale is part of a larger strategic cooperation that includes forming a working group to explore the joint development of the Pascua-Lama deposit along the Chile-Argentina border, and evaluate investment opportunities on the highly prospective El Indio Gold Belt on the Chile-Argentina border.

The Veladero mine had proven and probable gold reserves of 6.7M oz. at year-end 2016; ABX expects the mine to produce 770K-830K oz. of gold this year.