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Barrick's Zaldivar copper mine is pictured in the foothills of the Antofagasta region, 1400 km north of Santiago, Chile April 15, 2013.STAFF/Reuters

Barrick Gold Corp has hired Toronto-Dominion Bank to help run the partial sale of its copper mine Zaldivar, according to sources familiar with the matter.

Michael Faralla, the head of TD's global mining unit, will work with Michael Klein, a former Citigroup Inc. executive who advised Barrick on the failed merger with Newmont Mining Corp.

The appointment of Mr. Faralla on the Barrick file is a coup for TD, which is not generally known for having a significant presence on mining deals. Barrick has traditionally relied on Royal Bank of Canada for its investment banking services.

One source said RBC is representing one of the potential Zaldivar buyers, which precluded it from working for Barrick. Still, RBC played a secondary role to Mr. Klein during Barrick's merger talks with Newmont.

The appointment of TD comes after it plucked Barrick's former mergers-and-acquisitions executive Rick McCreary to join its mining team.

Barrick, the world's biggest gold producer, is in the midst of reducing its $13-billion (U.S.) debt load. It will use $850-million from recently announced mine sales to help reduce debt by at least $3-billion this year. Although Barrick has said it only wants to sell a portion of Zaldivar, one of its most profitable mines, potential buyers who are said to be angling for the entire mine.

Barrick declined to comment. TD did not immediately respond to a request for comment.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 27/03/24 3:59pm EDT.

SymbolName% changeLast
ABX-T
Barrick Gold Corp
+4.22%21.99
BX-N
Blackstone Inc
0%130.89
C-N
Citigroup Inc
-0.16%62.65
D-N
Dominion Energy Inc
0%48.52
NEM-N
Newmont Mining Corp
+1.3%35.71
RY-N
Royal Bank of Canada
-0.12%100.28
RY-T
Royal Bank of Canada
+1.12%136.23
TD-N
Toronto Dominion Bank
+1.69%60.64
TD-T
Toronto-Dominion Bank
+1.52%82.27
X-N
United States Steel Corp
+0.81%41.02
X-T
TMX Group Ltd
+0.55%36.45
Y-T
Yellow Pages Ltd
+0.2%9.89

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