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Kalgoorlie Super Pit on the market

Barrick Gold has confirmed it will begin the sale process of the famous Kalgoorlie Super Pit gold mine in Western Australia.

In it’s June quarter production results, the company said they “intend to initiate a process to explore the sale” of their 50 per cent stake in the mine.

“We will continue to pursue non-core asset sales with discipline, and will only proceed with transactions that make sense for the business, on terms we consider favorable to our shareholders,” the company said.

Barrick said strengthening their balance sheet was a priority, and they have intentions to reduce debt by at least $2 billion.

“So far this year, we have reduced our total debt by $968 million, representing approximately half of our debt reduction target for the year,” Barrick said.

Barrick said it was producing gold at the Super Pit at an average all-in cost of $US670 to $US700 per ounce.

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