Canadian gold miners Goldcorp and Barrick Gold are looking to sell their jointly owned Marigold mine in Nevada, according to sources familiar with the situation. Goldcorp, which owns a two-thirds stake in the project, has retained BMO Capital Markets, the sources said. Barrick, which owns the remainder, has separately engaged RBC Capital Markets to explore a possible sale of the high-cost mine.Large gold miners like Barrick and Goldcorp are looking to shut down or sell some of their higher-cost assets and optimize their mine portfolios. Gold is down more than 20 percent this year to date. It was about $1,290 per ounce on Friday.The mine produced just under 40,000 ounces of gold in the third quarter. In its quarterly report Goldcorp said the mine's all-in sustaining costs were a steep $1,476 per ounce.Bloomberg, earlier on Friday citing unnamed sources, reported that BMO is running the sale that is expected to fetch at least $200 million.
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX fell by 0.22% or $-0.04/share to $18.07. In the past year, the shares have traded as low as $13.43 and as high as $36.08. On average, 17646600 shares of ABX exchange hands on a given day and today's volume is recorded at 16042243.
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX fell by 0.16% or $-0.03/share to $18.90. In the past year, the shares have traded as low as $14.22 and as high as $35.50. On average, 3983060 shares of ABX.TO exchange hands on a given day and today's volume is recorded at 3037399.
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