On March 31, 2010, Barrick Gold Corporation completed the acquisition of an additional 25 per cent interest in the Cerro Casale Project in Chile from Kinross Gold Corporation for consideration of approximately US$474 million, which comprised approximately US$454 million in cash and the elimination of a US$20 million contingent obligation payable by Kinross to Barrick. The acquisition brings Barrick's interest in the Cerro Casale Project to 75 per cent. In connection with the transaction, Barrick and Kinross also negotiated amendments to the related joint-venture agreement.
Barrick was represented by its in-house counsel, Stephen Crozier, assisted by Davies Ward Phillips & Vineberg LLP, with a team composed of Lisa Damiani and Jennifer Grossklaus (corporate) and Geoffrey Turner (tax).
Kinross was represented by its in-house counsel, Nicholas Hayduk, assisted by Osler, Hoskin & Harcourt LLP, with a team composed of Eden Oliver, Kashif Zaman and Brooke Hales (corporate) and Patrick Marley (tax).