Barrick Gold Closes Strategic Investment in Midas Gold

Barrick Gold Corporation ABXhas purchased 46,551,731 common shares of Midas Gold Corp. for gross proceeds of roughly $38.1 million in a non-brokered private placement. As a result, Barrick Gold now owns 19.9% of issued and outstanding shares in Midas Gold.

Barrick Gold’s latest move supports the continued efforts of Midas Gold to complete a feasibility study and permitting of the Stibnite Gold Project in Idaho.

Earlier this month, Barrick Gold stated that the Stibnite Gold project has low geopolitical risk. It also has the potential to produce more than 300,000 ounces of gold per annum at competitive operating costs and exploration upside.  

Barrick’s shares have inched up 0.1% in the past three months, outperforming the 2.4% decline recorded by its industry.