Barrick in Advanced Talks to Sell Last Canadian Gold Mine to Discovery Silver

SEATTLE (Scrap Monster): Barrick Mining Corp. is in advanced talks to sell its last Canadian gold mine to Discovery (NASDAQ:WBD) Silver Corp., as both companies look to capitalize on rising gold prices.

According to a report from Bloomberg, citing people familiar with the matter, Discovery Silver is in the final stages of a process that Barrick launched in April to sell the Hemlo gold mine in Ontario. The sources, who asked not to be identified, indicated that there is no certainty the discussions will result in a transaction.

The potential deal comes as gold prices have been climbing, creating opportunities for mining companies to adjust their portfolios.

Both Toronto-based companies have not immediately responded to requests for comment on the potential transaction.

 Courtesy: www.investing.com