Barrick Gold divested its Kanowna Belle and Kundana mine operations in Western Australia to Northern Star Resources Ltd. for $65 million.
Kanowna contained proven and probable reserves of 600,000 oz, measured and indicated resources of 600,000 oz, and inferred resources of 400,000 oz in Q4 2012. Last year, the project produced 225,000 oz.
Since Q3 2013, officials at Toronto-headquartered Barrick, the world’s top gold miner, have announced ongoing divestitures of short-life, high-cost and non-core assets for $850 million. Northern Star Resources Ltd. is a Western Australia-based miner with projects across the region.