(Adds Australia mine sale, third-quarter debt reduction plans)
DENVER, Sept 19 Barrick Gold expects to
be able to reach its target of reducing debt by $2 billion by
year-end even without selling any assets, company President
Kelvin Dushnisky said on Monday.
"We are confident we will get to our $2 billion mark with or
without an asset sale ... presuming gold prices continue to
cooperate," Dushnisky said in an interview on the sidelines of
the Denver Gold Forum.
Gold prices are up 24 percent this year to $1,313 an ounce,
boosting miners' cash flow.
Barrick, the world's biggest gold miner, has been selling
non-core assets to help reduce its heavy debt and said in July
it planned to sell its 50 percent stake in the Kalgoorlie mine
That sales process is "just underway" and could be done by
year end but might run into next year, Dushnisky said.
"We expect it will be a strong process. There is a lot of
interest in the asset," he said.
At end-June, Barrick had reduced its debt by $968 million so
far this year. It also plans to retire another $273 million of
debt in the third quarter, a process that is on track, Dushnisky
said. That means the Toronto-based miner needs to cut another
$759 million by year-end to meet its $2 billion target.
(Reporting by Nicole Mordant in Denver; Editing by Chris Reese
and Meredith Mazzilli)