TORONTO Nov 15 Canadian gold miners Goldcorp
and Barrick Gold are looking to sell their
jointly owned Marigold mine in Nevada, according to sources
familiar with the situation.
Goldcorp, which owns a two-thirds stake in the project, has
retained BMO Capital Markets, the sources said. Barrick, which
owns the remainder, has separately engaged RBC Capital Markets
to explore a possible sale of the high-cost mine.
Large gold miners like Barrick and Goldcorp are looking to
shut down or sell some of their higher-cost assets and optimize
their mine portfolios. Gold is down more than 20 percent this
year to date. It was about $1,290 per ounce on Friday.
The mine produced just under 40,000 ounces of gold in the
third quarter. In its quarterly report Goldcorp said the mine's
all-in sustaining costs were a steep $1,476 per ounce.
Bloomberg, earlier on Friday citing unnamed sources,
reported that BMO is running the sale that is expected to fetch
at least $200 million.
Goldcorp, Barrick, BMO and RBC declined to comment.