Xstrata sells stake in Chilean mine

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Swiss mining group Xstrata will sell its stake in El Morro to Barrick Gold Corporation for CHF 478 million.

Zug -- Swiss mining group Xstrata announced on Monday the sale of its 70 percent stake in El Morro SCM, which controls the Chilean mine El Morro, to Barrick Gold Corporation for USD 465 million (CHF 478 million, EUR 317 million).

The deal, carried out by Xstrata's subsidiary Xstrata Copper, should be completed by 30 January 2010.

"The sale of our stake in the El Morro project will enable us to better direct resources toward other priority projects, of which five will be entering their final phase in the coming months," Xstrata Copper director Charlie Sartain said in a statement.

The El Morro mine is located in northern Chile.

AFP / Expatica

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