Goldcorp, Barrick hire banks to explore sale of Nevada mine -sources

Reuters

TORONTO, Nov 15 (Reuters) - Canadian gold miners Goldcorp and Barrick Gold are looking to sell theirjointly owned Marigold mine in Nevada, according to sourcesfamiliar with the situation.

Goldcorp, which owns a two-thirds stake in the project, hasretained BMO Capital Markets, the sources said. Barrick, whichowns the remainder, has separately engaged RBC Capital Marketsto explore a possible sale of the high-cost mine.

Large gold miners like Barrick and Goldcorp are looking toshut down or sell some of their higher-cost assets and optimizetheir mine portfolios. Gold is down more than 20 percent thisyear to date. It was about $1,290 per ounce on Friday.

The mine produced just under 40,000 ounces of gold in thethird quarter. In its quarterly report Goldcorp said the mine'sall-in sustaining costs were a steep $1,476 per ounce.

Bloomberg, earlier on Friday citing unnamed sources,reported that BMO is running the sale that is expected to fetchat least $200 million.

Goldcorp, Barrick, BMO and RBC declined to comment.

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