Gold miner Saracen Mineral Holdings has struck a binding agreement with North American major Barrick Gold to acquire its 50% interest in the Kalgoorlie Super Pit mine, in Western Australia, for $750-million.
The acquisition would establish Saracen as one of Australia’s largest gold producers, with three mines in close proximity to Kalgoorlie, producing more than 600 000 oz/y, with a combined reserve of more than seven-million ounces underpinning a group mine life of more than ten years.