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Company News

Australia's Saracen Mineral to buy Barrick Gold's half of Kalgoorlie Consolidated Gold Mines

Nov 18 (Reuters) - Australia’s Saracen Mineral Holdings Ltd said on Monday it would buy a 50% stake in the Kalgoorlie Consolidated Gold Mines Joint Venture in western Australia from Barrick Gold Corp for $750 million.

Saracen intends to partially fund the acquisition through a an A$796 million ($545.66 million) capital raise and the balance of the consideration through a loan of A$450 million.

Newmont Goldcorp Corp be will be Saracen’s joint venture partner, retaining its 50% stake.

$1 = 1.4588 Australian dollars Reporting by Shreya Mariam Job in Bengaluru; Editing by Peter Cooney

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