Barrick Sells Alturas Project in Chile for $50 Million, Focuses on Tier One Operations

Barrick Mining Corporation has agreed to sell its Alturas Project in Chile to Boroo Pte Ltd for $50 million. The deal includes a 0.5% net smelter return royalty on gold and silver production, capped at 2 million ounces of gold equivalent. The transaction is expected to close in Q3 2025, allowing Barrick to focus on Tier One gold and copper operations. The sale proceeds will bolster Barrick's balance sheet, facilitate future investments, and enhance shareholder returns.

TORONTO, July 2, 2025 — Barrick Mining Corporation (NYSE: B, TSX: ABX) has announced the sale of its Alturas Project in Chile to a subsidiary of Boroo Pte Ltd for an up-front cash payment of $50 million. The deal, which includes a 0.5% net smelter return royalty on gold and silver production, is expected to close within the third quarter of 2025, subject to customary closing conditions.

The Alturas Project, located in Chile, will be acquired by Boroo through the acquisition of all shares of Compañia Minera Salitrales SpA, a Barrick subsidiary. The royalty will terminate once 2 million ounces of gold and gold-equivalent have been produced, with Boroo having the option to repurchase it within four years for $10 million. Proceeds from the sale will be used to strengthen Barrick's balance sheet, invest in future projects, and support shareholder returns.

Barrick President and Chief Executive Mark Bristow stated that the sale allows the company to exit Alturas at an attractive valuation while focusing on its strategy of developing long-life, sustainable Tier One gold and copper operations. Bristow noted that this transaction is another example of Barrick optimizing its portfolio by placing assets in the hands of entities better suited to pursue their development.

The transaction is expected to close within the third quarter of 2025, subject to customary closing conditions. Southern Cone Partners is acting as financial advisor to Barrick, while Davies Ward Phillips & Vineberg LLP and Dentons (Santiago) are acting as legal counsel.

Barrick, a leading global mining company with a portfolio of world-class gold and copper assets, will continue to pursue opportunities in Chile, where it maintains interests in the Zaldivar copper mine and the El Alto and Norte Abierto projects. The company operates in 18 countries across five continents and is the largest gold producer in the United States.

References:
[1] https://finance.yahoo.com/news/barrick-announces-sale-alturas-project-110000503.html
[2] https://ng.investing.com/news/company-news/barrick-to-sell-chiles-alturas-project-to-boroo-for-50-million-93CH-2052784