Precious Metals

Barrick Gold Corporation seeking to sell two mines

Barrick Gold Corp. is reported to be in discussions with Credit Suisse Group AG to divest itself of two gold mines in an effort to raise up to $1.1 billion U.S. in assets.

Business News Network reports the two mines that Barrick, the world's largest producer of gold by sales, is seeking to sell are in Australia and Papua New Guinea. Off-loading the two mines will contribute toward Barrick lowering its debt load by some $3 billion U.S.

Meanwhile, the Financial Post reports that Barrick's 2014 gold production, as predicted, dropped compared to 2013 levels, dipping to 6.25 million troy ounces from 7.4 million troy ounces.

The Cowal mine in Australia’s New South Wales state produced 269,000 ounces of gold in 2014, at an average cost of $787 an ounce, according to Barrick’s website. The Canadian company also owns 95 percent of the Porgera operation in Papua New Guinea, which produced 493,000 ounces last year for Barrick, according to the website.

Barrick Gold Corp. owns mining interests on five continents.

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