Barrick Mining (TSX: ABX) has disposed of a non-core exploration asset that it has been developing since at least 2016. The firm has agreed to sell the Alturas project to a subsidiary of Boroo Pte Ltd.
The Alturas project, found in Chile, is a greenfield discovery that was first announced in 2015, with the project classified as an oxidized high sulfidation epithermal gold deposit. An initial resource established in earlier 2016 identified the project as having 5.5 million ounces of gold at 1.25 g/t within an inferred resource.
As of the most recent reserves and resources report, Alturas had 2.2 million ounces of gold at 1.16 g/t measured and indicated, alongside 3.6 million ounces of gold at 0.8 g/t inferred in gold resources.
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The project was sold for total consideration of US$50 million in cash, alongside a 0.5% net smelter return royalty on gold and silver produced at the project. The royalty will terminate once 2 million ounces of gold and gold equivalent have been produced, while the royalty can also be repurchased for $10 million within four years of the transaction closing.
“This agreement allows Barrick to exit Alturas at an attractive valuation, while giving Boroo the opportunity to pursue the development of the project. This is another good example of an instance where an asset we own might be better suited in the hands of others while we pursue our priority portfolio of Barrick-managed growth projects,” commented Mark Bristow, CEO of Barrick.
The transaction is currently expected to close in the third quarter of 2025.
Barrick Mining last traded at $31.77 on the TSX.
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