- Barrick Gold Corporation (ABX) has agreed to sell a portfolio of royalties to Maverix Metals Inc. for up to $60 million
- The portfolio consists of 22 royalties on the production of minerals from mines located in North America, South America, Australia and Africa
- $50 million will be paid in cash on closing of the portfolio sale, while $10 million will be in three contingent payments
- Barrick Gold Corp is one of the world’s largest gold producers, operating mines in North America, South America, Australia, and Africa
- Barrick Gold Corporation opened trading at $19.15 per share
Barrick Gold Corporation (ABX) has agreed to sell a portfolio of royalties to Maverix Metals Inc. for up to $60 million.
The portfolio consists of 22 royalties on the production of minerals from mines located in North America, South America, Australia and Africa.
Fifty million will be paid in cash on closing of the portfolio sale. The remaining $10 million will be in three contingent payments.
Six million will be paid if the operator of the Eskay Creek project in British Columbia (Skeena Resources Ltd.) obtains all material permits necessary to commence construction of the mine within six years of closing.
Two million will be paid if Maverix receives cash payments from the portfolio, excluding the Eskay Creek royalty, equal to or greater than $10 million within six years of closing.
Finally, another $2 million will be paid if Maverix receives cash payments from the portfolio, excluding the Eskay Creek royalty, equal to or greater than $20 million within six years of closing.
The transaction is targeted to close at the end of the third quarter of this year following the satisfaction of customary closing conditions.
Barrick Gold Corp is one of the world’s largest gold producers, operating mines in North America, South America, Australia, and Africa.
Barrick Gold Corporation opened trading at $19.15 per share.