Barrick Gold Corporation (USA) (NYSE:ABX) announced it has completed the sale of a 50 percent interest in the Zaldívar copper mine to Antofagasta Plc.

“The sale of 50 percent of Zaldívar has strengthened our balance sheet while allowing us to maintain significant exposure to a strong cash-generating operation,” said Barrick President Kelvin Dushnisky. “We are excited to form a new partnership with Antofagasta Plc that will provide a platform to collaborate and share knowledge, with the potential to deliver value for both companies.”

There have been no material changes to the terms of the acquisition since the announcement of the transaction.

The proceeds of the sale will be used to reduce debt. Barrick has announced asset sales, joint ventures and partnerships worth $3.2 billion since the start of 2015. The company is on track to meet its stated debt reduction target of $3 billion for 2015, which, when completed, will represent a 23 percent reduction in total debt since the start of the year. (Original Source)

Shares of Barrick Gold are currently trading at $7.40, up $0.06 or 0.82%. ABX has a 1-year high of $13.70 and a 1-year low of $5.91. The stock’s 50-day moving average is $7.50 and its 200-day moving average is $8.40.

On the ratings front, Barrick Gold has been the subject of a number of recent research reports. In a report issued on October 29, Deutsche Bank analyst Jorge Beristain maintained a Buy rating on ABX. Separately, on October 27, Barclays’ Farooq Hamed reiterated a Hold rating on the stock and has a price target of $9.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jorge Beristain and Farooq Hamed have a total average return of -13.5% and -15.4% respectively. Beristain has a success rate of 29.8% and is ranked #3603 out of 3644 analysts, while Hamed has a success rate of 22.0% and is ranked #3574.

Barrick Gold Corp produces and sells gold and copper. The Company business activities also includes exploration and mine development. It holds interests in oil and gas properties located in Canada.