Xstrata Plc (LON: XTA) has agreed to a sale of 70% of their interest in the El Morro copper gold project in Chile to Barrick Gold Corp. (NYSE: ABX). The company is to sell the property for $465 million. The deal is expected to close by January. Xstrata acquired the property in 2006 when they bought Canada's Falconbridge. The property is located about 4,000 meters above sea level in Chile. Barrick will use excess cash and cost savings for the acquisition.
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Xstrata plc is a global diversified mining company. The Company focuses on seven international commodity markets: copper, coking coal, thermal coal, ferrochrome, nickel, vanadium and zinc, with additional exposures to gold, cobalt, lead and silver. Xstrata plc’s operations and projects span 19 countries. Its activities are organized into five global commodity businesses: alloys, coal, copper, nickel and zinc, and a technology business. Xstrata Alloys is a producer of ferrochrome and primary vanadium. Xstrata Coal is an exporter of thermal coal and a producer of hard coking coal and semi-soft coal. Xstrata Copper is a copper producer, with mining and processing facilities located in Australia, Chile, Peru, Argentina and Canada. Xstrata Nickel is a nickel and cobalt producer. Xstrata Zinc is a miner and producer of zinc. Xstrata Technology Services supports the processes involved in mining.
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