05/25/2015 06:50 EDT | Updated 05/25/2016 05:59 EDT

Barrick sells Cowal mine to Evolution Mining for US$550 million in cash

TORONTO - Barrick Gold Corp. (TSX:ABX) has signed a deal to sell its Cowal mine in Australia to Evolution Mining for US$550 million in cash.

The gold miner says it will use the money from the sale to pay down debt.

Barrick has been looking to sell non-core assets as it streamlines its operations and cuts costs.

The sale of Cowal is expected to help reduce general and administrative costs as it closes its office in Perth, Australia.

Evolution Mining is a mid-tier Australian gold miner with five gold and silver mines in Queensland and Western Australia.

The sale is expected to close in the third quarter.

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