On January 11, 2016, Barrick Gold Corporation (Barrick) completed the sale of non-core assets in Nevada to Kinross Gold Corporation (Kinross) for US$610 million. The sale included a 50 per cent interest in the Round Mountain mine and 100 per cent of the Bald Mountain mine. Barrick and Kinross also formed a new 50-50 exploration joint venture that owns a large land package on the Bald Mountain property. The sale was part of Barrick’s aggressive, multi-pronged divestiture initiative of 2015, which generated proceeds sufficient to reduce Barrick’s debt by over US$3 billion. Following these strategic divestitures, Barrick is leaner, has a more focused high-quality portfolio and has met its 2015 debt-reduction target.
Barrick was represented in Canada by an internal legal team of Rich Haddock (Senior Vice President and General Counsel) and Andrew Hastings (Vice President and Senior Counsel). Davies Ward Phillips & Vineberg LLP assisted Barrick in Canada with a team that included Melanie Shishler and Jennifer Grossklaus (mining, M&A). Parsons Behle & Latimer assisted Barrick in the United States with a team that included Stephen Hull, William Holyoak, Michael McCarthy and Nick Greenwood.
Kinross was represented by an internal legal team of Greg Etter (Senior Vice President) and Luke Crosby (Legal Counsel) and was assisted by Crowley Fleck PLLP in the United States with a team that included Brian Holland, Steven Ruffato, Vincent Kalafat and Nate Good. Kinross Gold was represented in Canada by Osler, Hoskin & Harcourt LLP with a team led by Douglas Bryce (mining, M&A) and that included James Brown (mining, M&A) and Patrick Marley (tax).
