Goldcorp (GG) and Barrick Gold Corp. have sold their Marigold
mine in Humboldt County, Nevada to Vancouver-based Silver Standard
Resources Inc. (SSRI) for $275 million in cash, Goldcorp (GG) and
Barrick said on Tuesday.
Silver Standard will buy the mine with cash on hand, it said in
a statement on its website on Tuesday.
Goldcorp owns 66.7% of the mine and Barrick the rest. The deal
is expected to close in April 2014.
The Wall Street Journal on Monday reported that Barrick and
Goldcorp--the world's largest gold miners--were close to selling
their jointly owned mine for more than $250 million, according to a
person familiar with the matter.
"This transaction is consistent with Goldcorp's ongoing strategy
of disciplined portfolio management with an emphasis on creating
value for shareholders through the focus on core assets," said
Goldcorp Chief Executive Officer Chuck Jeannes.
The sale is one of several by Barrick, the largest gold miner
measured by both production and market capitalization, as it seeks
to shed assets and lower debt.
Marigold attracted interest from a number of smaller gold miners
including Allied Nevada Gold, according to one person familiar with
the matter.
The mine began operating around two decades ago.
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