Barrick sells Alturas project in Chile for $50 million

Barrick Mining Corporation (NYSE: B) announced it has agreed to sell its Alturas Project in Chile to a subsidiary of Boroo Pte Ltd for $50 million in cash. The transaction includes a 0.5% net smelter return royalty on gold and silver produced from the project, which terminates after 2 million ounces of gold and gold-equivalent are produced.

Boroo may repurchase the royalty within four years from closing for $10 million. The buyer is acquiring the project through the purchase of all shares of Compañia Minera Salitrales SpA, the Barrick subsidiary that holds the project.

Barrick plans to use proceeds from the sale to strengthen its balance sheet, invest in future operations and support shareholder returns, according to the company's press release statement.

"This agreement allows Barrick to exit Alturas at an attractive valuation, while giving Boroo the opportunity to pursue the development of the project," said Mark Bristow, Barrick's president and chief executive officer. He noted that Boroo previously acquired Lagunas Norte from Barrick in 2021.

The Toronto-based mining company said it remains focused on long-life, sustainable Tier One gold and copper operations. Chile continues to represent an important jurisdiction for Barrick, with the company maintaining interests in the Zaldivar copper mine and the El Alto and Norte Abierto projects in the country.

The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions. Southern Cone Partners is serving as financial advisor to Barrick, while Davies Ward Phillips & Vineberg LLP and Dentons Santiago are acting as legal counsel.

You May Also Be Interested In

• Freedom Broker Downgrades Flexsteel (FLXS) to Hold
• Rocket One unveils drone-swarm training platform for U.S. military
• GoPro promotes CFO Brian Tratt to senior vice president role