Lagunas Norte, in Peru
In line with its policy of selling noncore assets to focus its portfolio on tier-one assets, bullion major Barrick Gold on Tuesday announced an agreement to sell its Lagunas Norte mine, in Peru, to private investment firm Boroo for $81-million and the assumption of closure liabilities.
Boroo will take over the Lagunas Norte closure liability of $226-million, which is backed by an existing $173-million bonding obligation.
Barrick president and CEO Mark Bristow said the proposed acquisition would benefit the mine’s stakeholders in Peru by giving Boroo the opportunity to extend its life by accessing satellite resources and adapting the infrastructure.
“The Latin American region remains an important destination for Barrick, and the company will keep a team in Peru to continue to develop its portfolio of exploration assets and to pursue opportunities to find and operate world-class gold and/or copper mines in that country.”
The transaction is subject to closing conditions.