Article: Xstrata sells El Morro to Barrick for $465 mln.

LONDON: Mining group Xstrata Plc agreed to sell its 70 percent interest in the El Morro copper-gold project in Chile for $465 million to Canada s Barrick Gold Corp, Xstrata said on Monday.

"While we have demonstrated through the feasibility study that El Morro has strong prospects, our agreement with Barrick is a recognition that it will create more value as part of Barrick s portfolio than Xstrata Copper s," said Charlie Sartain, who heads Xstrata s copper division.

"The sale ... will enable us to better direct our resources towards our other priority development projects."

Xstrata, the world s fifth biggest diversified mining group by market ...

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