- Category: Economic
- Published Thursday, January 14, 2016
- CTV News
ELKO, Nev. -- Barrick Gold Corp. (TSX:ABX) has completed the sale of two large gold mines in northeast Nevada -- Round Mountain and Bald Mountain -- to Kinross Gold Corp.
Officials for the two Canadian-based companies also have agreed to form an exploration venture covering a large land package on the Bald Mountain property, all of which previously was owned by Barrick Gold.
Kinross (TSX:LK) already owned 50 per cent of Round Mountain.
The companies announced plans for the deal in November and it was completed on Monday.
Barrick officials said it will help cut debt, strengthen the company's balance sheet and focus on core mines.
Barrick still owns the Cortez Hills Mine, Goldstrike Mine and 75 per cent of Turquoise Ridge Joint Venture Mine in Nevada.