Jan. 15, 2020 - The official Annual Report under the Investment Canada Act (ICA) for the fiscal year 2018-19 was released at the end of 2019. This document sets out various statistics and other noteworthy developments during that time frame (i.e., April 1, 2018 to March 31, 2019) relating to the two review...
Barrick to Sell Interest in Australian Super Pit for $750 Million
Davies is acting for Barrick Gold Corporation (Barrick) in the sale of its 50% interest in Kalgoorlie Consolidated Gold Mines (KCGM) in Western Australia to Saracen Mineral Holdings Limited (Saracen) for total consideration of US$750 million in cash. KCGM, a 50-50 joint venture with Newmont Goldcorp Corp., owns the country's largest open pit gold mine, The Super Pit, as well as underground and processing works. Saracen is an ASX200-listed gold company with two gold operations in the Kalgoorlie region of Western Australia.
The sale of the non-operating interest in KCGM was achieved following a competitive sales process and represents Barrick’s first step in its plan to sharpen its focus and realize more than $1.5 billion from the disposal of its non-core assets by the end of 2020.
The transaction is expected to close in the fourth quarter of 2019.
Dec. 23, 2019 - In his own version of the pre-holiday rush, the Canadian Commissioner of Competition has in the last several days challenged one merger transaction and entered into a consent agreement to preserve assets pending his review of another. The Commissioner’s latest actions reflect and reinforce the...