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Monday, 23rd March 2009 (883 views)

Barrick Gold has announced a debt securities sale worth $750 million (£518 million) in aggregate principal notes that are due to mature in 2019 at a 6.95 per cent rate.

The Toronto-based firm has said it has agreed an underwriting deal with a syndicate of underwriters, which is led by Morgan Stanley, JP Morgan Securities and Citigroup Global Markets.

Construction at Barrick projects and investments in subsidiary firms will be among the corporate actions funded by the receipts.

The sale will be made in the US and the closing of the offering is set to take place on March 24th.

Last month Pueblo Viejo Dominicana, in which Barrick holds a 60 per cent stake, reported that it was making strong progress at the Pueblo Viejo site in the Sanchez Ramirez province of the Dominican Republic.

The project will involve processing 18,000 tonnes of material per day once the mine is up and running, with this subsequently rising to 24,000 as the process of extracting the 22.4 million ounces of proven gold reserves present at the location progresses.

 

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