Barrick Gold to sell 2 more Australian mines

Toronto-based BarrickGold Corp. is in talks to sell two more of its Australian gold mines, says CEO JamieSokalsky.

Jamie Sokalsky spoke at the Denver Gold Forum about the sale of two smaller operations in Australia, most likely the Plutonic and Kanowna operations in western Australia, according to theBloomberg news agency.

Analysts say Kanowna is valued at $55 million US and Plutonic at about $45 million US.

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The company agreed to sell three Australian mines last month to South Africas Gold Fields Ltd. the Granny Smith, Lawlers and Darlot gold mines.

Barrick is the biggest gold miner in the worldbut is seeking to sell assets as the price of gold declines.

Barricks stockis down 45 per cent this year in Toronto, trading at $19.42 Cdn on Wednesday,and the company
took $8.7 billion of writedowns in the second quarter, as well as cutting its dividend to improve liquidity.

Sokalsky looking to sell 'non-core assets'

Sokalsky is leading efforts to improveBarricks performance and restore profitability.The company said in August it plans to either sell, close or reduce output at 12 of its 27 mines.

"It's no secret that some of the Australian assets fit thekind of description that I've talked about in terms of beingnon-core and assets that are higher-costand I think don't fitwell long term with our portfolio,"Sokalsky said in Denver.

"We aretalking to some people about those assets, and then variousassets around the world which I wouldn't want to name," he said.

The company also has talked to Nevada-based Newmont Mines about a possible joint venture to cut costs.

There have been reports that institutional investors are putting pressure onBarrick to put more independent investors on its board and quicken founder Peter Munk's exit.