A dump truck loaded with ore drives along a haul road in the open pit mine at Zijin mining operation in Australia.Carla Gottgens/Bloomberg
Barrick Gold Corp. has received $298-million (U.S.) cash from selling half of its interest in the Porgera mining operation to Zijin Mining Group. Barrick will use the money to reduce its debt.
The Chinese mining company and Barrick announced in May that they had signed a long-term strategic co-operation agreement to collaborate on future projects and joint investments, beginning with Porgera in Papua New Guinea.
Barrick said Monday that Zijin has completed the purchase of 50 per cent ownership of Barrick (Niugini) Ltd., which owns 95 per cent of Porgera.