Barrick Gold Quits Project Citing Budget Constraints

Barrick Gold Corp., the world’s largest producer of the metal, quit a mining project in Nevada because of budgetary constraints, according to its exploration partner.

Barrick has given notice it will terminate an agreement to develop the Gold Ridge property, Vancouver-based Coral Gold Resources Ltd. said Friday in a statement.

“While it’s unfortunate that Barrick could not find room in this year’s exploration budget to continue the program, we are still confident that the Gold Ridge property maintains considerable exploration potential,” Coral said.

Canada’s Barrick has been selling less profitable assets and reorganizing its management over the past year after a decline in the gold price.

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