Gold Fields Ltd. (NYSE: GFI) is buying Barrick Gold Corp.’s (NYSE: ABX) interests in the Granny Smith, Lawlers and Darlot gold mines for $300 million.
The gold mines are all located in Western Australia. The purchase price is subject to a downward working capital adjustment of up to $30 million.
Gold Fields is a gold producer that has operating mines in Australia, Ghana, Peru and South Africa.
Toronto-based Barrick is also a gold mining company. It plans to use proceeds from the sale for general corporate uses, including debt repayment.
CIBC World Markets Inc. and JP Morgan acted as co-financial advisers to Gold Fields in connection with the deal.
Other recent precious metal deals include Lundin Mining Corp.’s (TSX: LUN) June purchase of Rio Tinot Eagle Mine LLC, which owns a nickel and copper mine in Michigan, and New Gold Inc.’s (NYSE: NGD) purchase of Ontario-based Rainy River Resources Ltd., which owns a gold reserve.