Barrick Gold sells 2 Nevada mines to Kinross for $610M

Barrick Gold Corporation Chairman John Thornton speaks during company's annual general meeting in Toronto on Tuesday, April 28, 2015. (Nathan Denette /THE CANADIAN PRESS)

ELKO, Nev. -- Barrick Gold Corp. (TSX:ABX) has completed the sale of two large gold mines in northeast Nevada -- Round Mountain and Bald Mountain -- to Kinross Gold Corp. for $610 million.

Officials for the two Canadian-based companies also have agreed to form an exploration venture covering a large land package on the Bald Mountain property, all of which previously was owned by Barrick Gold.

Kinross (TSX:LK) already owned 50 per cent of Round Mountain.

The companies announced plans for the deal in November and it was completed on Monday.

Barrick officials said it will help cut debt, strengthen the company's balance sheet and focus on core mines.

Barrick still owns the Cortez Hills Mine, Goldstrike Mine and 75 per cent of Turquoise Ridge Joint Venture Mine in Nevada.