07:46:07 EDT Thu 28 Mar 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,778,125,848
Close 2020-11-10 C$ 33.79
Market Cap C$ 60,082,872,404
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Barrick Gold closes sale of Morila interest

2020-11-10 09:46 ET - News Release

Mr. Mark Bristow reports

BARRICK GOLD CORPORATION: MORILA SALE CONCLUDED

Barrick Gold Corp. and AngloGold Ashanti Ltd. have concluded the sale of their interest in Morila Gold Ltd., which owns 80 per cent of the Morila gold mine in Mali, to Firefinch Ltd. (previously named Mali Lithium Ltd.) for $28.8-million cash. The State of Mali continues to hold the remaining 20 per cent. All amounts expressed in U.S. dollars.

Noting that all Morila employees had been re-employed by Firefinch, Barrick president and chief executive Mark Bristow said the transaction would benefit the mine's Malian stakeholders by giving Firefinch the opportunity to extend its life by accessing satellite resources and adapting the infrastructure. The mine had been scheduled for closure in 2021.

Barrick has been the operator of the mine and the sale is in line with its policy of selling non-core assets to concentrate on Tier 1 mines -- those with the capacity to produce at least 500,000 ounces of gold annually for more than 10 years in the lower half of the industry's cost curve. Mr. Bristow said Barrick remained committed to its partnership with Mali, where it owns and operates the Tier 1 Loulo-Gounkoto gold complex.

The discovery and development of Morila served as the springboard for the Barrick legacy company Randgold Resources' expansion into Africa. Since it went into production in October, 2000, it has produced 6.9 million ounces of gold and paid more than $2.5-billion to its stakeholders in the form of dividends and taxes. Morila transitioned to a stockpile treatment operation in 2009 and began processing tailings in 2013.

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