Barrick Gold completes sale of interests in Spring Valley and Ruby Hill mine in Nevada, US

17 December 2015 (Last Updated December 17th, 2015 18:30)

Barrick Gold has completed the sale of its 70% interest in the Spring Valley project and its 100% interest in the Ruby Hill mine to Waterton Precious Metals Fund II Cayman subsidiaries for $110m.

Barrick Gold has completed the sale of its 70% interest in the Spring Valley project and its 100% interest in the Ruby Hill mine to Waterton Precious Metals Fund II Cayman subsidiaries for $110m.

The sale is part of agreements signed by the company in November 2015 to sell its non-core assets in Nevada, US for $720m in a bid to reduce debt by $3bn this year.

Barrick Gold president Kelvin Dushnisky said: "As a result of the non-core asset sales we have executed this year, our portfolio is now much more focused on core mines that generate free cash-flow through the metal price cycle.

"We are also on track to meet our stated debt reduction target of $3bn for 2015."

"We are also on track to meet our stated debt reduction target of $3bn for 2015, which, when completed, will represent a 23% reduction in total debt since the start of the year."

Barrick also signed agreement to sell its 50% interest in the Round Mountain mine and 100% of the Bald Mountain mine to Kinross Gold for $610m.

Barrick Gold expects to complete the sale of these properties by mid-January 2016.

Since the beginning of this year, the company announced asset sales, joint ventures, and partnerships worth $3.2bn.