Saracen To Buy the Superpit Gold Mine Via Acquiring Barrick Gold's Stake in the KCGM JV

  • Nov 18, 2019 AEDT
  • Team Kalkine

Saracen Mineral Holdings Limited (ASX: SAR) inks a binding sale agreement with the global miner- Barrick Gold Corporation to acquire 50 per cent interest in the Kalgoorlie Consolidated Gold Mines Joint Venture.

  • SAR would acquire the 50 per cent stake via purchasing 100 per cent shares of the Barrick (Australia Pacific) Pty Limited for a price of USD 750 million.
  • The Kalgoorlie Consolidated Gold Mines Joint Venture (or KCGM JV) owns and operates the Super Pit gold mine, which Barrick Gold decided to offload from the portfolio previously.
  • The acquisition is in line with Saracen’s strategic objective to “future proof the business”.

 

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