Barrick Gold Closes Sale of Australia Mines to Gold Fields

Barrick Gold is now officially three assets lighter. The company has completed the sale of a trio of mines in Australia to fellow precious metals specialist Gold Fields , both companies announced in separate press releases. Barrick Gold is to receive $300 million in cash and Gold Fields stock for the mines, minus a closing adjustment deduction estimated at $30 million.

Barrick Gold said it will use the proceeds for "general corporate purposes," including the retirement of debt. The sale will be booked in the fourth quarter of 2013.

The three facilities now in Gold Fields' possession are the Granny Smith, Lawlers, and Darlot mines, collectively known as the Yilgarn South assets. In 2012, the trio combined produced 452,000 ounces, and their proven and probable reserves stood at 2.6 million ounces at the end of the year.

In its press release, Barrick Gold said the sale "is part of [its] ongoing portfolio optimization process to maximize free cash flow in line with the company's disciplined capital allocation framework."

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