Golden Bond

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Barrick Gold (TSX: ABX) and Goldcorp (TSX: G) have announced an ambitious plan to jointly develop two of Chile’s largest undeveloped copper-gold deposits as a joint operation.

Under the deal, G will pay a total of US$520M to acquire a 50% stake in the Cerro Casale project (P&P 1.2Bt @ 0.60g/t Au & 0.22% Cu) in Region III, buying 25% from ABX and 25% from Kinross Gold.

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In addition, G also plans to buy Exeter Resource Corp (TSX: XRC), owner of the Caspiche porphyry deposit (M&I 1.4Bt @ 0.51g/t & 0.19% Cu), located just 10km from Cerro Casale, paying approximately C$247M in an all-share deal.

The deals are expected to close during 2Q17. The transaction will bring together two of Chile’s largest potential new mines.

In 2013, ABX obtained an environmental license to develop US$5.2B mine at Cerro Casale that would produce 1Mozpa Au and 110,000tpa Cu. However, it immediately put the project on hold in order to concéntrate on the increasingly complex Pascua Lama project.

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