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Monday, October 4, 2010

Barrick (NYSE:ABX) Finishes Sale of Osborne Mine to Ivanhoe Australia (ASX:IVA)

Mining giant Barrick Gold (NYSE:ABX) has finished its sale of the Osborne copper/gold mine, based in Queensland, to Ivanhoe Australia (ASX:IVA).

Ivanhoe Australia CEO Peter Reeve said, “The acquisition of the Osborne copper/gold operation has fundamentally altered Ivanhoe Australia’s development path and will allow us to become a significant base-metals producer much earlier than we originally expected.”

Ivanhoe Australia paid A$17.4-million for the project, with Barrick also getting a 2 percent net return smelter royalty from the deal, which is capped at A$15 million.

Ivanhoe will also pick up all the A$18.4 million in environmental obligations related to the project.

Production at the Osborne facility is expected to begin 2011 with molybdenum and rhenium ore being the first in line to be processed.

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