Barrick Gold Buys 70% Stake in Xstrata's El Morro Project (ABX)

10/12/2009 - Barrick Gold Corporation (NYSE:ABX) said Monday that it has agreed to purchase a 70% stake in Xstrata Copper Chile S.A's El Morro project for about $465 million in cash. The El Morro project in an advanced Gold and Copper operation located in Chile's Atacama Region. Xstrata reported that resources of gold are about 8.3 million ounces and total measured and indicated copper resources are approximately 6.3 billion pounds. President and CEO Aaron Regent said, "The acquisition of Xstrata's 70% interest in the El Morro project will add another large, high quality gold-copper resource to Barrick's portfolio. Chile is an attractive country for mine development and one where Barrick has considerable experience and expertise."

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