Barrick Announces Agreement to Divest its Minority Interest in Marigold in Nevada Further Progress in Portfolio Optimization Process TORONTO, ONTARIO -- (Marketwired) -- 02/04/14 -- All amounts expressed in US dollars unless otherwise indicated. Barrick Gold Corporation (NYSE: ABX)(TSX: ABX) (Barrick or the "company") today announced it has agreed to divest its minority interest in the Marigold mine ("Marigold") in Nevada to Silver Standard Resources Inc. ("Silver Standard") for total cash consideration of $86 million, subject to certain closing adjustments. The transaction is expected to close in April, 2014. Barrick has a 33.3% interest in Marigold, with the remaining 66.7% interest owned by the operator, Goldcorp Inc. ("Goldcorp"). Barrick's share of production in 2013 was about 55,000 ounces of gold at all-in sustaining costs (AISC) of about $1,545 per ounce(1). Barrick's share of proven and probable reserves at December 31, 2012 was 1.6 million ounces(2), and its share of measured and indicated resources and inferred resources was 0.2 million ounces(2) and 0.4 million ounces(2), respectively. The transaction is a result of a single, coordinated divestiture process jointly executed with Goldcorp. Proceeds to Barrick have been adjusted to reflect Goldcorp's position as manager and majority owner of the joint venture. The divestiture of Barrick's minority interest in Marigold is part of Barrick's ongoing portfolio optimization process to maximize free cash flow in line with the company's disciplined capital allocation framework. RBC Capital Markets is acting as financial advisor to Barrick with respect to the transaction. CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The word "expect" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold and copper or certain other commodities; changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and political or economic developments in the United States and other jurisdictions in which the company does or may carry on business in the future; and our ability to successfully complete divestitures. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. (1) All-in sustaining cost per ounce is a non-GAAP financial performance measure with no standardized definition under IFRS. See pages 44-49 of Barrick's Third Quarter 2013 Report. (2) For a breakdown of reserves and resources by category and additional information relating to reserves and resources, see pages 25-35 of Barrick's Form 40-F. Contacts: INVESTOR CONTACT: Amy Schwalm Vice President, Investor Relations (416) 307-7422 firstname.lastname@example.org MEDIA CONTACT: Andy Lloyd Vice President, Communications (416) 307-7414 email@example.com
Barrick Announces Agreement to Divest its Minority Interest in Marigold in Nevada
Press spacebar to pause and continue. Press esc to stop.