Barrick Gold Corporation is reportedly seeking to divest its 50% interest in the Zaldivar copper mine in Chile as part of a strategic shift towards larger and more profitable operations.
Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) is reportedly aiming to sell its 50% stake in the Zaldivar copper mine in Chile. The move reflects the company's strategic shift towards larger and more profitable mining operations. The company confirmed on Monday that it has retained financial advisors and initiated discussions with potential buyers regarding its interest in the relatively smaller mine.
The Zaldivar mine, situated in northern Chile approximately 1,400 kilometers north of Santiago, is operated as a 50/50 joint venture with Chilean mining giant Antofagasta (LON: ANTO). Last year, the mine produced around 80,000 tonnes of copper, a figure significantly dwarfed by output from larger mines in the region. While Barrick Gold is actively seeking to expand its presence in the copper sector, the company is simultaneously prioritizing a streamlined business model. This involves concentrating on tier-one assets and actively reducing its debt burden. Barrick Gold declined to comment on the potential sale when approached by MINING.COM at the time of publication. According to sources familiar with the matter from Bloomberg, the divestment process is in its nascent stages, and it remains unclear whether a definitive agreement will be reached. Barrick Gold has been actively involved in other developments within its portfolio, including a recent agreement to acquire a 50% stake in the Reko Diq copper-gold project. The company is also set to assume operator responsibilities at the mine in Pakistan and the Lumwana mine in Zambia
BARRICK GOLD COPPER MINING ZALDIVAR MINE CHILE MINING INDUSTRY
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