All amounts are in US dollars
TORONTO, Sept. 1, 2022 (GLOBE NEWSWIRE) — Barrick Gold Corporation GOLDABX (“Barrick”) announced today that it has entered into a definitive agreement to sell a portfolio of royalty assets (the “Portfolio”) to Maverix Metals Inc. (“Maverix”) for an aggregate consideration of up to $60 million.
The portfolio consists of 22 royalty producing minerals from mines in North America, South America, Australia and Africa. The aggregate consideration of $60 million consists of $50 million in cash, payable upon closing of the portfolio sale, subject to the counterparties exercising a right of first refusal or right of repurchase under certain royalties, and three contingent payments:
- $6 million if the operator of the Eskay Creek project in British Columbia (Skeena Resources Ltd.) obtains all material permits required to commence construction of the mine within six years of closure;
- $2 million if Maverix receives cash payments from the portfolio within six years of closing, excluding the Eskay Creek royalty, which will be a minimum of $10 million; and
- an additional $2 million if Maverix receives cash payments from the portfolio within six years of closing, excluding Eskay Creek’s royalty, which is a minimum of $20 million.
The transaction is expected to close late in the third quarter of this year, subject to the satisfaction of customary closing conditions.
Barrick inquiries
President and CEO Markus Bristow +1 647 205 7694 +44 788 071 1386 |
Strategic affairs of the SEVP Kevin Thompson +1 416 307 5150 |
Investor and Media Relations Kathy du Plessis +44 20 7557 7738 E-mail: barrick@dpapr.com |
Website: www.barrick.com
Cautionary Statement Regarding Forward-Looking Information
Certain information contained in or incorporated by reference in this press release, including any information about our strategy, projects, plans or future financial or operational performance constitutes “forward-looking statements”. All statements, other than statements of historical…
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