Barrick agrees to sell Cowal mine for $550 mln

Sun May 24, 2015 8:35pm EDT
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NEW YORK May 24 (Reuters) - Barrick Gold Corp said on Sunday that it had reached an agreement to sell 100 percent of the Cowal mine in New South Wales, Australia to Evolution Mining for $550 million.

The deal is expected to be completed in the third quarter of 2015, Barrick said. Proceeds from the sale will be used to pay down debt and will contribute to reduced general and administrative costs, the company added. (Reporting by Sam Forgione; Editing by Sandra Maler)