Barrack Closes Divestiture Of 50% Stake In KCGM To Saracen
Zacks Investment Research | Dec 02, 2019 01:37AM ET
Barrick Gold Corporation (NYSE:GOLD) reported that it closed the sale of its 50% stake in Kalgoorlie Consolidated Gold Mines (“KCGM”) to Saracen Mineral Holdings Limited for cash consideration of $750 million.
With the divestiture, the company marked the first step in the plan to realize more than $1.5 billion from the disposal of non-core assets by the end of 2020. Per Barrick, the Western Australia-based KCGM asset is not relevant to its strategy of operating mines. Further, the divestment will enable the company to focus on core operations.
Barrick plans to use the proceeds from the sale to strengthen its balance sheet, make investments and deliver returns to shareholders.
The company’s shares have gained 29.4% in the past year compared with the Zacks Investment Research
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