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Saracen Mineral Holdings to buy Barrick's Super Pit gold mine stake for $750 million
By Shreya Mariam Job
Sunday, November 17, 2019
Australia’s Saracen Mineral Holdings Ltd said on Monday it would buy Canadian-listed Barrick Gold Corp’s 50% stake in the Super Pit gold mine in Western Australia for $750 million.
The Super Pit is one of Australia’s largest gold mines with an average production of 660,000 ounces per annum at an all-in sustaining cost of about A$1,100 per ounce, according to Saracen.
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Saracen will buy Barrick’s half of Kalgoorlie Consolidated Gold Mines Joint Venture, which owns and operates the Super Pit gold mine. U.S.-listed Newmont Goldcorp Corp, the world’s largest gold miner, retains the other 50% of the joint venture.
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