07:31 AM EDT, 08/08/2025 (MT Newswires) -- Barrick Mining ( B ) said Friday it has struck a deal with a subsidiary of Boroo to sell its Alturas project in Chile for an upfront payment of $50 million.

In addition to the cash payment, Barrick said it will receive a 0.5% net smelter return royalty on gold and silver from the project until 2 million ounces of gold and gold-equivalent have been produced. Boroo has the option to repurchase the royalty within four years from closing for $10 million.

Under the agreement, Boroo will acquire the project by buying Barrick's subsidiary, Compania Minera Salitrales, the company said.

Barrick added that proceeds from the sale, which is expected to close in Q3, will be used to strengthen its balance sheet.