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Xstrata to sell gold and copper project
12.10.09
Miner Xstrata today agreed to sell its 70% stake in the El Morro copper and gold project in Chile for $465 million (£294.4 million) to Canada's Barrick Gold.
Charlie Sartain, head of Xstrata's copper division, said: “While we have demonstrated through the feasibility study that
El Morro has strong prospects, our agreement ... is a recognition that it will create more value as part of Barrick's portfolio than Xstrata's.”
