Barrick Gold Corp. confirmed the sale of a 50% stake in the Veladero gold mine in Argentina to Chinese miner Shandong Gold Mining Co. Ltd. for US$960 million.
The companies also intend to form a working group to explore the joint development of the Pascua Lama gold deposit and evaluate additional investment opportunities on the El Indio Gold Belt on the Argentina-Chile border.
Following the transaction, the Veladero mine will be overseen by a joint board, with three members appointed by each company.
The mine's current management team will be maintained, according to an April 6 statement.
Barrick added that the sales proceeds will be used to reduce debt and for investments.
According to previous reports, Barrick ended talks with Zijin Mining Group Co. Ltd. for the stake sale.