November 15, 2013 / 10:39 PM / 5 years ago

Goldcorp, Barrick hire banks to explore sale of Nevada mine: sources

TORONTO (Reuters) - Canadian gold miners Goldcorp (G.TO) and Barrick Gold (ABX.TO) are looking to sell their jointly owned Marigold mine in Nevada, according to sources familiar with the situation.

Goldcorp, which owns a two-thirds stake in the project, has retained BMO Capital Markets, the sources said. Barrick, which owns the remainder, has separately engaged RBC Capital Markets to explore a possible sale of the high-cost mine.

Large gold miners like Barrick and Goldcorp are looking to shut down or sell some of their higher-cost assets and optimize their mine portfolios. Gold is down more than 20 percent this year to date. It was about $1,290 per ounce on Friday.

The mine produced just under 40,000 ounces of gold in the third quarter. In its quarterly report Goldcorp said the mine’s all-in sustaining costs were a steep $1,476 per ounce.

Bloomberg, earlier on Friday citing unnamed sources, reported that BMO is running the sale that is expected to fetch at least $200 million.

Goldcorp, Barrick, BMO and RBC declined to comment.

Reporting by Euan Rocha; Editing by David Gregorio

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