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Gold assets sell for $1.2bn

Gold assets sell for $1.2bn

Tony Damian, Herbert Smith Freehills

Three firms have advised on the sale of two gold assets held by Barrick Gold Corporation across Australia and Papua New Guinea.

Firms: Herbert Smith Freehills (Barrick Gold Corporation); Allens (Evolution Mining Limited); Corrs Chambers Westgarth (Zijin Mining Group Co)

Deal: Barrick Gold Corporation has sold multiple gold assets in Australia and Papua New Guinea for a total estimated value of $1.2 billion.

Value: $1.2 billion

Area: M&A

Key Players: Tony Damian (pictured) led the Herbert Smith Freehills team, supported by senior associate Clayton James and solicitor Philip Cooper. The team was also supported by the Herbert Smith Freehills’ Hong Kong and Shanghai offices.

Deal Significance: Barrick Gold Corporation has sold its Cowal gold mine in NSW to Evolution Mining Limited.

Barrick Gold Corporation also sold its 50 per cent interest in Barrick (Niugini) Limited, which is the 95 per cent owner and manager of the Porgera Joint Venture gold mine in Papua New Guinea, to Zijin Mining Group Co.

The combined total value of both sales was approximately $1.2 billion.

Herbert Smith Freehills’ leading partner Tony Damian said: “We are delighted to have advised Barrick on these important transactions, which demonstrate that cross-border M&A activity remains strong in the Asia-Pacific region.”

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