Barrick Mining Corporation (B) News & EventsBBarrick Mining Corporation

IAMGOLD Completes Sale of 35% Interest in Bambadji Joint Venture

IAMGOLD (IAG) announced the completion of the sale of its indirect 35% interest in the Bambadji Joint Venture and its attributable interest in the Bambadji Sud exploration permit in Senegal to Fortuna Mining (FSM) as part of a transaction that generated approximately $70M in cash proceeds to IAMGOLD, before taxes and transaction costs. The divestiture monetizes a non-core exploration asset and supports IAMGOLD's continued focus on its existing operating and development portfolio. The Bambadji JV controls the Bambadji and adjacent Bambadji Sud exploration permits located in the Kedougou region of southeastern Senegal, approximately 850 kilometres southeast of Dakar along the border with Mali. Total consideration payable by Fortuna to the joint venture partners, Barrick Mining (B) and IAMGOLD, on a combined 100% basis consists of: $200M in cash payable on closing; and a 0.5% net smelter return royalty, capped on the first 1.75M ounces of gold produced from the Bambadji permit. The Bambadji JV was originally governed by a joint venture agreement dated May 23, 2016 between subsidiaries of IAMGOLD (35%) and Barrick (65%). IAMGOLD's attributable share of the cash consideration is approximately $70M, before Senegalese capital gains taxes and transaction costs, with the company also retaining its proportionate share of the NSR royalty.

Barrick Plans IPO for New Company by 2026

Barrick is advancing the planned initial public offering of a minority stake in a newly formed company that is expected to include Barrick's interests in, and operatorship of, its North American gold assets, Nevada Gold Mines and Pueblo Viejo, the Fourmile project, all other North American exploration properties, and the Newmont contributed assets. The new entity will be the only North American pure play gold company with high-quality, long-life assets in low-risk jurisdictions. Barrick continues to expect to complete the IPO by the end of 2026, subject to market and other conditions and necessary approvals. Mark Hill will be the CEO of the new company upon separation.

Company Reports Q2 Revenue of $5.29B, Exceeding Expectations

Reports Q2 revenue $5.29B, consensus $5.08B. Mark Hill, President and Chief Executive Officer, said: "We achieved an historic agreement with Newmont. Newmont has consented to the IPO and the parties have agreed to expand NGM with the early vend-in of our excluded properties, as well as settling all disputes. Through this agreement with our joint venture partner, we have substantially extended the asset base, and provided greater flexibility and value."