Barrick Raises US$50 Million in Debt Securities for Lagunas Norte Project in Peru.TORONTO -- All amounts in United States dollars Barrick Gold Corporation (NYSE:ABX ABX - Abstracting ABX - Airborne Express ABX - Albury, New South Wales, Australia - Albury (Airport Code) ABX - Antibiotics ABX - Automatic Branch Exchange ABx - Non-Antibiotics)(TSX:ABX)(LSE:BGD BGD - Air Bangladesh (ICAO code) BGD - Bangladesh (ISO Country code) BGD - Belgrade/Beograd BGD - Black Gangster Disciple (gangs) BGD - Brassica Genome Database BGD - Brigade)(SWX:ABX)(BOURSE Bourse Any European stock exchange.Notes: This French term can be used to refer to any European exchange however, it is most often used in reference to the Paris Stock Exchange. See also: Exchange, Market :ABX) announced today that its wholly owned subsidiary, Minera Barrick Misquichilca S.A. ("MBM MBM - Magnetic Bubble MemoryMBM - Manual Berthing Mechanism MBM - Market Based Management MBM - Market Basket Measure MBM - Market-By-Market MBM - Married Black Male MBM - Marusyk, Miller & Swain (intellectual property law firm; Canada) MBM - Meat and Bone Meal (feed) MBM - Meat Beat Manifesto (band) MBM - Microbial Benthos Method MBM - Mission-Based Management MBM - Motherboard Monitor MBM - Multi-Buoy Mooring"), has successfully completed the issuance of $50 million of debt securities in the Peruvian capital markets. The net proceeds from this offering will be used to partially fund the construction of Barrick's Lagunas Norte Project located in the Alto Chicama district. Lagunas Norte is expected to be the second of Barrick's new generation of mines that will contribute to the targeted 40 percent increase in its production profile by 2007. (Tulawaka in Tanzania commenced production on March 15, 2005.) Lagunas Norte is expected to commence operations in the third quarter 2005 and produce 545,000 - 550,000 ounces of gold this year at a cash cost of $110 - $120 per ounce. "Lagunas Norte will be Barrick's second Peruvian mine, and capitalizes on our experience and success at the Pierina Mine," said Igor Gonzales, Barrick's Regional Vice President, Peru. "We are pleased that the debt issue was so well received and oversubscribed by Peruvian investors." The bonds are due in 2013, bear interest on a floating rate basis at six-month Libor +1.72%, trade on the Lima Stock Exchange Lima Stock Exchange Peru's major securities market. and are solely the obligation of MBM. The sale of the bonds is under MBM's shelf prospectus that allows for the issuance of debt securities in an aggregate amount up to U.S.$150 million. Barrick is building a new generation of mines around the globe and has the lowest total cash costs among the major gold producers. Its vision is to be the world's best gold company by finding, developing and producing quality reserves in a profitable and socially responsible manner. The Company's shares are traded on the Toronto, New York, London and Swiss stock exchanges and the Paris Bourse Paris Bourse National stock market of France.. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Barrick Gold Corporation (PARIS:ABX) (NYSE:ABX) (TSX:ABX) (Swiss:ABX) (LSE:BGD) |
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