Toronto-based
The companies agreed to hold the property in a joint-stock company that will be owned 85% by Barrick and 15% by Altai’s Peruvian subsidiary. To maintain its interest, the major must spend US$1.5 million on the property before July 1, 2003; thereafter, expenditures will be made by Barrick, and Altai’s 15% stake cannot be diluted. The Rodeo property is 25 km south of Barrick’s newly constructed Pierina gold mine, where cash costs of production will be about US$49 per oz.
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