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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.

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    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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