Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) announced that it has entered into a definitive agreement to sell a portfolio of royalties to Maverix Metals Inc. for total consideration of up to $60 million.

The Portfolio consists of 22 royalties on the production of minerals from mines located in North America, South America, Australia and Africa. The total consideration of $60 million consists of $50 million in cash payable on closing of the Portfolio sale, subject to the exercise of any right of first refusal or buy-down right by the counterparties under certain royalties, and three contingent payments:

• $6 million if the operator of the Eskay Creek project in British Columbia (Skeena Resources Ltd.) obtains all material permits necessary to commence construction of the mine within six years of closing;
• $2 million if Maverix receives cash payments from the Portfolio, excluding the Eskay Creek royalty, equal to or greater than $10 million within six years of closing; and
• a further $2 million if Maverix receives cash payments from the Portfolio, excluding the Eskay Creek royalty, equal to or greater than $20 million within six years of closing.

The transaction is targeted to close at the end of the third quarter of this year following the satisfaction of customary closing conditions.