Barrick Gold is said to be selling research and development company AuTec as part of a new strategy tied to the upcoming merger with Randgold Resources.
The Wall Street Journal, citing people familiar with the matter, said one of the first assets to go as part of a plan to offload non-core assets, reduce costs and reduce management head count, devised by incoming CEO Mark Bristow, would be AuTec, a full-service metallurgical testing lab and piloting facility, serving the mining industry.
The news comes soon after the company eliminated the executive role of Chief Innovation Officer, a post previously held by Michelle Ash.
Barrick is in the middle of merging with Bristow’s Randgold in a deal that would solidify Barrick’s position as the world’s number one gold miner by production.
AuTec has previously carried out metallurgical test work at Barrick’s Pueblo Viejo, Golden Sunlight and Goldstrike mines, among others. it has capabilities tied to mineral analysis, comminution, environmental and cyanide detox, hydrometallurgy, mineralogy and mineral processing, among others.