Barrick Selling Western Australian Mine for AUD$25M

Barrick Gold (NYSE:ABX,TSX:ABX) is unloading its Plutonic gold mine in Western Australia for AUD$25 million, to Northern Star Resources (ASX:NST), the gold major announced on Monday.

As quoted by Bloomberg:

Northern Star said that buying Plutonic would increase its annual gold production to more than 200,000 ounces.

Barrick sold three other Australian mines — Granny Smith, Lawlers and Darlot — to Gold Fields Ltd. for $300 million in October. The company also sold its energy arm in July and last month raised $3 billion in a share sale to help the company reduce its debt. Like other gold producers, Barrick’s earnings have been hit by a 29 percent drop in the gold price this year.

Read the full Bloomberg article