Barrick, Goldcorp selling Marigold mine for $275 million

Barrick, Goldcorp selling Marigold mine for $275 million

Marigold mine.

Canadian miners Barrick Gold (TSX, NYSE:ABX) and Goldcorp (TSX:G), (NYSE:GG), the world’s largest producers of the yellow metal, announced Tuesday they are selling their jointly owned Marigold mine in Nevada to Silver Standard Resources (TSX:SSO) for $275 million.

Vancouver-based Goldcorp, which attempted a $2.6 billion hostile takeover offer for smaller rival Osisko Mining Corp last month, said the transaction was consistent with its ongoing strategy of “creating value for shareholders through the focus on core assets.”

Barrick also said the sale of its 33.3% interest in Marigold mine was part of the company's ongoing efforts to shed some higher-cost assets and reduce the debt burden.

"The acquisition of Marigold accomplishes our strategic goal of adding an operating mine in a well-established, low-risk mining jurisdiction," Silver Standard CEO John Smith said in a statement.

The deal is expected to close in April.

Image courtesy of Barrick.