Barrick Gold sells four US mines for $720 million

The Bald Mountain open-pit gold mine is just one of the assets Barrick is unloading. (Image courtesy of Barrick Gold)

Canada’s Barrick Gold (TSX, NYSE:ABX), the world's biggest gold producer, is unloading four of its non-core Nevada mines for US$720 million in cash, and said Thursday it expects to sign at least one of the deal before year-end.

The move would help the Toronto-based miner to meet its ambitious target for reducing its $13 billion debt by $3 billion this year.

Barrick said the assets to be sold are Bald Mountain and Ruby Hill mine, as well as its 50% stake in the Round Mountain mine and a 70% interest in the Spring Valley project.

The announced transactions bring the total Barrick has raised this year through asset sales, joint ventures and partnerships to $3.2 billion.

More to come….

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