Barrick Gold Corp Selling Aussie Mines to Gold Fields, Prices Drop

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Barrick Gold is looking to stop the bleeding from lower metal prices, and believes this is one way to do it.

Via Reuters: “The world’s largest gold producer on Thursday said it has agreed to sell three of its high-cost gold mines in Australia to Gold Fields Ltd for $300 million…Barrick began to explore a sale of the mines after its attempt to sell its majority stake in African Barrick Gold to a Chinese buyer failed early in 2013, dashing hopes of a potential $3 billion deal for the underperforming unit.”

The price of Indian gold bullion declined 1.8 percent. After a 0.8 percent increase, Japanese gold bullion finished the day up. Chinese gold bullion fell 0.5 percent yesterday. The price of US gold bullion fell 0.3 percent.

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On Thursday, August 22, Indian silver rose 2.6 percent to finish as the day’s biggest mover. Chinese silver ended the day after a 1.6 percent drop yesterday. US silver prices saw a 0.6 percent decline. Japanese silver saw little change in its price on Thursday.

Japanese platinum bar prices rose 1.1 percent. The price of US platinum bar declined 0.3 percent. The price of Chinese platinum bar fell 0.3 percent.

Chinese palladium bar prices saw a 1.2 percent decline. US palladium bar finished the day down 0.7 percent. Japanese palladium bar stayed flat.

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