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Barrick to Sell Half of Mine to Antofagasta for $1 Billion

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Barrick Gold Corp. agreed to sell a 50 percent interest in its Zaldivar copper mine in Chile to Antofagasta Plc for $1.01 billion as it moves to pay down its debt amid falling gold prices.

The transaction with the Santiago-based copper producer is expected to close late this year, Barrick said Thursday in a statement. Antofagasta will pay $980 million in cash upon closing and $25 million in additional cash payments over the next five years, Barrick said.