Boroo Pte Ltd has reached an agreement to acquire Lagunas Norte mine in Peru from Barrick Gold Corporation (TSX:ABX) for $65 million February 16, 2021. The total consideration consists of an up-front cash payment of $20 million, additional cash consideration of $10 million payable on the first anniversary of closing and $20 million payable on the second anniversary of closing, a 2% net smelter return royalty on gold and silver produced through the refractory sulphide ore project which will terminate once one million ounces of gold has been produced and which may be purchased by Boroo for a limited period of time after closing for $16 million, plus a contingent payment of up to $15 million. Boroo also assumed $226 million backed by an existing $173 million bonding obligation of Barrick’s closure liability. Boroo will also assume 100% of the $173 million reclamation bond obligations for Lagunas Norte in two tranches: 50% on closing and 50% within one year of closing. The deferred payments, the contingent payments, and the obligation to replace the second tranche of the reclamation bond obligations will be secured. The transaction is subject to closing conditions. TD Securities Inc. acted as a financial advisor and Lawson Lundell LLP and Luis Carlos Rodrigo Prado, Alfonso Montoya, Verónica Sattler, Mariella de la Torre, Alejandro Manayalle, José Talledo, Claudio Ferrero, Francisco Barrios Vargas, María del Rosario Quiroga, Úrsula Zavala, Úrsula Luna, Mariana Delgado, Talia Hormaeche, Martín La Rosa, Juan Carlos del Busto, Diego Pachas, Camila Masini, Perla Sánchez, Danielle Valle, Piero Scarafone, Daniel Francisco, Rómulo Muñoz, Fiorella Monge, Diana Milberg, Andres Hundskopf, Sebastian Heudebert, Tomás Denegri, Alejandro Tafur, Fiorella Romero and Milagros Mutsios of Rodrigo Elías & Medrano Abogados acted as a legal advisor to Barrick. Cormark Securities Inc acted as a financial adviser to Boroo. Stikeman Elliott LLP, Andrés Arnaldos of Ashurst LLP and José Cúneo, Vanessa Watanabe and Ángel Chávez of Payet, Rey, Cauvi, Pérez Abogados acted as legal counsel to Boroo.