Barrick Gold , the world's top gold producer, has agreed to sell its Cowal mine to Evolution Mining for $550 million in a deal that will turn Evolution into Australia's second largest producer of the precious metal.The deal gives Evolution a large, low-cost mine that will boost its output to around 800,000 ounces a year, around one-third the output of top Australian producer Newcrest Mining ."This is a truly transformational acquisition for Evolution," Executive Chairman Jake Klein said after the deal was announced on Monday. "This is the high quality asset we have been looking for to cornerstone our business." Barrick put Cowal up for sale along with its Porgera mine in Papua New Guinea, among other assets, in an effort to cut debt by $3 billion by the end of this year.
Barrick Gold Corporation (Barrick) operates mines and advanced exploration and development projects. Shares of ABX fell by 1.21% or $-0.15/share to $12.29. In the past year, the shares have traded as low as $10.04 and as high as $19.49. On average, 12615000 shares of ABX exchange hands on a given day and today's volume is recorded at 7870961.
Barrick Gold Corporation (Barrick) operates mines and advanced exploration and development projects. Shares of ABX fell by 0.53% or $-0.08/share to $15.11. In the past year, the shares have traded as low as $11.67 and as high as $21.14. On average, 2307070 shares of ABX.TO exchange hands on a given day and today's volume is recorded at 1183921.
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