Barrick Gold (NYSE:ABX)(TSE:ABX) this week agreed to sell its interest in the Kanowna Belle and Kundana mine operations in Western Australia to Northern Star Resources(ASX: NST) for a total of A$75 million.
The deal is expected to close in March of this year.
Over the past six months, the company has announced a series of divestitures of short life, high cost and non-core assets, for a total consideration of about $850 million.
As of December 31, 2012, Kanowna contained proven and probable reserves of 0.6 million ounces, and the mine produced about 225,000 ounces in 2013.
The deal follows a similar transaction last month, in which Barrick agreed to sell to Northern Star its Plutonic gold mine in Western Australia for a total of A$25 million.
The divestments come after a terrible year for the miner, with 2013 marking a period of write-downs, cost overruns and a shareholder rebellion over executive compensation, most notably co-chair John Thornton's multi-million dollar signing bonus amid a cratering gold market.
Earlier in December, the gold giant announced a series of high level personnel changes, starting with news that founder and chair Peter Munk is to step down from the Toronto-headquartered miner’s board of directors at Barrick's next annual meeting of shareholders.
Thornton, Munk’s co-chair since 2012, will attempt to fill the 86-year-old’s shoes, taking over the position of chairman effective as of the same meeting, likely to occur in late April.
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