08/31/2015 06:59 EDT | Updated 08/31/2016 01:12 EDT

Barrick to reduce debt with $298 million from partnership with Zijin Mining

TORONTO — Barrick Gold Corp. (TSX:ABX) has received US$298 million cash from selling half of its interest in the Porgera mining operation to Zijin Mining Group. Barrick will use the money to reduce its debt.

The Chinese mining company and Barrick announced in May that they had signed a long-term strategic co-operation agreement to collaborate on future projects and joint investments, beginning with Porgera in Papua New Guinea.

Barrick said Monday that Zijin has completed the purchase of 50 per cent ownership of Barrick (Niugini) Ltd., which owns 95 per cent of Porgera.

The Canadian Press