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Article: Xstrata sells El Morro to Barrick for $465 mln.
- Article from:
- Times of Oman (Muscat, Oman)
- Article date:
- October 12, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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 ...