Global mining giant Rio Tinto is to sell its stake in the Cortez gold mine to joint venture partner Barrick Gold as part of its planned divestment programme.
The Cortez complex of several open pit mines is a joint venture between Rio subsidiary Kennecott Explorations and Barrick subsidiary Barrick Cortez, which will buy the 40 percent share for US$1.695bn.
The mine, located in Crescent Valley, 75 miles southwest of Elko, Nevada, utilises carbon-in-leach and oxide heap leach technology for gold recovery.
The Cortez sale is part of Rio's plan to divest the company of about $16.35bn of assets.
Last week, Rio announced the sale of Greens Creek silver, gold, zinc and lead mine in Alaska for US$750m.
By Ozge Ibrahim
