Barrick Gold Corp. will temporarily suspend construction at its $8.5 billion Pascua-Lama mine on the Argentina-Chile border as the world’s largest producer of the metal tries to conserve cash after prices slumped.
Barrick Gold Corp. has explored cash-raising options ranging from a strategic equity investment to a sale of part of its copper business during a months-long effort to cut debt, said people with knowledge of the matter.
Goldcorp Inc., the world’s largest gold miner by market value, deferred work at its Cerro Negro project in Argentina after the estimated construction cost jumped on permitting delays and higher labor expenses.
KGHM Polska Miedz SA, the copper miner with the largest European output, agreed to buy Canada’s Quadra FNX Mining Ltd. for about C$2.87 billion ($2.84 billion) in the largest overseas acquisition by a Polish company.
Barrick Gold Corp. plans to either sell, close or curb production at 12 of 27 mines as the world’s largest gold producer tries to bolster profitability after reporting the industry’s biggest write-off.
Quadra FNX Mining Ltd. is poised to secure the largest takeover price increase in North America as the cheapest copper bid on record leaves room for Vale SA or Antofagasta Plc to make a competing offer.