Canada’s Barrick Gold Corp. will divest Barrick Energy Inc. along with other non-core assets for ongoing portfolio-optimization before the end of Q3 2013, according to company officials. Through the sale and related transactions, Barrick will receive $455 million, said company officials, including $405 million in cash on closing, plus gross overriding royalties at an estimated $50 million.

According to Barrick officials, the transactions will include the sale of assets to Venturion Oil Ltd. for $59 million; Whitecap Resources Inc. for $174 million—all after Barrick Energy share sales to Canadian Natural Resources Ltd. for $173 million; and a gross overriding land-based royalty.

Barrick’s divestment transactions are expected to close July 31, said company representatives. This includes a $90-million Q2 loss representing the discrepancy between net proceeds and Barrick Energy’s carrying value on June 30.