Barrick Gold Corporation ABX has declared the completion of the sale of its 70% interest in the Spring Valley project and its 100% interest in the Ruby Hill mine to subsidiaries of Waterton Precious Metals Fund II Cayman, LP, for $110 million in cash.

This asset sale is in sync with the company’s strategy to strengthen its balance sheet, creating long-term value for its shareholders. This will also help the company to focus on its core assets that will drive free cash flow. The company is on track to meet its debt reduction target of $3 billion for 2015, which, when achieved, will represent a 23% reduction in total debt since the beginning of this year.

Barrick is also working toward vending its 50% interest in the Round Mountain mine and 100% of the Bald Mountain mine to Kinross Gold Corporation KGC for a total consideration of $610 million in cash.  Both the companies have agreed to form an exploration joint venture for a large land package at Bald Mountain. Each company will own half of the joint venture and will finance exploration activities and advance new mine development opportunities on a 50-50 basis, with Kinross acting as the operator.

This deal will also help Barrick retain considerable exposure to a highly prospective exploration land package at Bald Mountain. The transaction is expected to close by mid-Jan 2016.

Barrick currently carries a Zacks Rank #3 (Hold).

Some better-ranked mining companies are Harmony Gold Mining Company Limited HMY and Richmont Mines Inc. RIC. Both of these companies hold a Zacks Rank #2 (Buy).

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