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Market: TSX NYSE
Sector: Gold Mining
EPIC: ABX
Latest Price: 48.59  (-2.27% Descending)
52-week High: 54.61
52-week Low: 42.23
Market Cap: 48,563.40M
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Barrick Gold
www.barrick.com

Barrick is the world’s pre-eminent gold producer, with a portfolio of 27 operating mines, many advanced exploration and development projects located across five continents, and large land positions on the most prolific and prospective mineral trends.

 

Barrick Gold to process ore from Crescent Gold's Laverton Project

15th Jun 2009, 7:26 am
Barrick Gold to process ore from Crescent Gold's Laverton Project

Crescent Gold (ASX: CRE) has signed an Ore Purchase Agreement (OPA) with Barrick Gold Corporation whereby Barrick will purchase ore from Crescent’s Laverton Gold Project, north of Kalgoorlie in Western Australia.

Barrick will process the ore at its nearby Granny Smith Mill at Laverton due to commence in fourth quarter 2009. Minimal capital expenditure will be required by Crescent to commence production and delivery of ore to Barrick’s GSM. 1.8 mtpa of Crescent ore will be mined and delivered for processing through the Barrick GSM facilities, located just 20km from Crescent’s operations.

Purchase price for Crescent’s gold ore will be established by an agreed pricing methodology that takes into consideration the current gold price, volume of ore, the ore grade, recovery rate and the pro-rata cost of processing.

Crescent’s 100% owned 1.5 million tonne per annum (mtpa) Barnicoat mill at Laverton will remain on a care and maintenance status.

The deal appears a win-win for Crescent and Barrick, reducing operating costs for Crescent and a buyer for its ore.  There also could be potential to sell additional ore from its 6 deposits to Barrick under the agreement. This maybe the start of road back for Crescent.  For Barrick, it obtains feed for its mill. 

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