12:12 PM EDT, 08/08/2025 (MT Newswires) -- (Updates shares.)

Barrick Mining ( B ) was at last look up 1.3% on Friday as it agreed to sell the Alturas project in Chile for US$50 million to a subsidiary of Boroo (Singapore).

Barrick will also receive a 0.5% net smelter return royalty on gold and silver produced from the project. The royalty will end once the project produces two million ounces of gold and gold equivalent.

Boroo may repurchase the royalty within four years from closing for US$10 million.

Boroo is acquiring Alturas through the acquisition of Compania Minera Salitrales, the Barrick subsidiary that holds the project.

"This agreement allows Barrick to exit Alturas at an attractive valuation, while giving Boroo the opportunity to pursue the development of the project," said Mark Bristow, Barrick's president and chief executive. "This is another good example of an instance where an asset we own might be better suited in the hands of others while we pursue our priority portfolio of Barrick-managed growth projects."

The transaction is expected to be completed within the third quarter.

Barrick shares were last seen up $0.40 to $32.17 on the Toronto Stock Exchange.

Price: 32.17, Change: +0.40, Percent Change: +1.26