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Goldcorp Inc. and Barrick Gold Corp. are in talks to sell their Marigold mine in Nevada.

The Associated Press

Goldcorp Inc. and Barrick Gold Corp. are in talks to sell their Marigold mine in Nevada, sources familiar with the matter said on Friday.

Goldcorp owns a 66.7 per cent stake in the mine and Barrick owns the rest.

With the price of bullion languishing below $1,300 an ounce, Goldcorp, Barrick and other mining companies are looking for ways to reduce expenses. That includes selling assets which are not as profitable in a weak gold-price environment.

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Barrick, which has already suspended construction of its costly Pascua Lama gold project in South America, has said it will divest or revamp mines that cost more than $1,100 to produce an ounce of gold.

Marigold is one of about 10 mines that Barrick has identified as not profitable at current gold prices. According to Barrick's latest quarterly report, the company paid an average of $1,609 to produce an ounce of gold there over the first nine months of the year. Goldcorp's website estimates that the mine is expected to produce between 95,000 and 100,000 ounces of gold in 2013.

Spokespeople for both companies declined comment.

The news was first reported by the Wall Street Journal.

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