Senior gold producer American Barrick Resources (TSE), which recently changed its name to Barrick Gold Corp., has announced that the planned sale of four gold properties — the Macassa and Golden Patricia mines in Ontario, the Bullfrog mine in Nevada, and the Red Mountain property in British Columbia — will not proceed.
Barrick reasoned that it could achieve greater value for its shareholders by keeping the properties, formerly owned by Lac Minerals, and applying its high operating standards and hedging policies to generate additional capital. The properties will contribute about 400,000 oz. to Barrick’s gold production and add 2 million oz. to its gold reserves. Barrick will continue as the largest gold producer outside of South Africa, with 11 operating mines in the Americas and two other projects under development.
In other news, John Carrington, formerly with Noranda (TSE), was appointed to the new position of executive vice-president of operations for Barrick. Noranda moved quickly to replace Carrington by appointing Michael Knuckey as president and chief executive officer of Noranda Mining & Exploration.
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