Toronto-listed American Barrick Resources Corp. has completed its planned disposition of all its non- gold assets.
It has sold its two coal supply agreements and certain mining equipment, representing substantially all of the assets of its two coal mines located in Ohio.
Though terms of the sale were not released, John Garbutt, executive vice-president finance with American Barrick, says proceeds from this sale, together with the sale of the remaining coal assets, should result in full recovery of the company’s investment in these operations. That investment amounts to $18.6 million.
American Barrick acquired these coal assets when it amalgamated with Camflo Mines back in 1984.
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