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Barrick may sell non-core assets to fund growth
TORONTO (Reuters) - Barrick Gold Corp (ABX.TO) could sell off a nickel project in Tanzania and other non-core assets to fund other projects or acquisitions, Chief Executive Aaron Regent said on Wednesday.
Speaking at the RBC gold conference in London, Regent pointed to Barrick's 50 percent share in the Kabanga nickel sulfide joint venture as an example of assets that the company could sell to fund growth in core assets.
"I think there's a lot of value we can create there, but it's not core to us, so at some point in time maybe we will turn that into cash and redeploy into other projects or to help fund an acquisitions," he said in a presentation.
"There are other (non-core assets) as well," he added.
Xstrata (XTA.L) owns the other 50 percent of Kabanga, which is located about 200 kilometers (125 miles) from Barrick's Tulawaka mine and about 385 km from its Bulyanhulu mine.
Toronto-based Barrick is the world's largest gold producer.
Barrick's shares were up 2 Canadian cents at C$45.27 on the Toronto Stock Exchange at midday on Wednesday.
($1=$1.05 Canadian)
(Reporting by Cameron French; editing by Peter Galloway)
