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Canada: Barrick Gold to sell US$1.5B in assets

By  |  May 9, 2019

Canada’s Barrick Gold, the world’s second-largest producer of the precious metal, said Wednesday it had pinned down assets worth about $1.5 billion that it intends to sell through next year, adding it also remains open to acquiring new projects.

President and chief executive officer, Mark Bristow, said Barrick would offload the unwanted assets once they are optimized enough to create adequate value for shareholders.

“This is not a fire sale, we will do that in a considered manner,” Mr Bristow said. “We don’t want to go into a public auction.” Barrick said its net income fell to $111m in the quarter ending March 31 from $158m a year earlier due to higher costs and a lower realised gold price. It declared a dividend of $0.04 a share.

Full Content: Financial Times

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