Barrick open to Super Pit sell-off

The Super Pit produced 170,000oz in the March quarter.

Barrick Gold would consider approaches for its stake in the Kalgoorlie Super Pit.

It comes after co-owner Newmont flagged its potential interest in Barrick’s share.

Having already taken over Kalgoorlie Consolidated Gold Mines (KCGM) operations at the Super Pit, Newmont chief executive Gary Goldberg has admitted that he has the joint venture partner’s 50 per cent share in his sights.

“That’s one asset that we know pretty well and if we could obtain it at the right value that would be one that we’d be interested in considering,” Goldberg said of the Super Pit.

Now Barrick has announced it could consider exiting the Super Pit.

When asked if they would consider a divestment, Jim Gowans, an adviser to Barrick chairman John Thornton, stated, "We still think it’s a great asset".

“[But] if we got a good price for it, it’s not one of our core assets, so it would be one we’d consider selling.”

It comes as Barrick demonstrates its plans to reduce debt and increase its cash position.

 

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