Barrick Gold Corporation announced that it has entered into agreements to sell a number of non-core assets in Nevada for $720 million in cash, including 100 percent of the Bald Mountain Mine, 100 percent of the Ruby Hill Mine, Barrick’s 50 percent interest in the Round Mountain Mine and the company’s 70 percent interest in the Spring Valley project.

Including these transactions, Barrick has announced asset sales, joint ventures and partnerships worth $3.2 billion since the start of 2015. The company is on track to meet its stated debt reduction target of $3 billion for 2015, which, when completed, will represent a 23 percent reduction in total debt since the start of the year, Barrick said in a statement.

“The sale of these assets is consistent with our strategy to create long-term value for our shareholders by strengthening the balance sheet and further focusing our portfolio on core mines that will drive free cash flow growth,” said Barrick President Kelvin Dushnisky. “As we move into 2016 and beyond, we will continue to take steps to strengthen our balance sheet, but we will balance debt repayments with investments to drive future growth in free cash flow and EBITDA.”

Barrick has reached an agreement to sell the company’s 50 percent interest in the Round Mountain Mine and 100 percent of the Bald Mountain mine to Kinross Gold Corp. Barrick and Kinross have also agreed to form an exploration joint venture that will own a large land package on the Bald Mountain property. Each company will own 50 percent of the joint venture and will fund exploration activities and advance new mine development opportunities on a 50-50 basis, with Kinross acting as the operator. The consideration for these assets is $610 million in cash.

“We are excited to form a new partnership with Kinross that allows us to maintain significant exposure to a highly prospective exploration land package at Bald Mountain,” said Dushnisky.

Barrick has also reached an agreement to sell the company’s 70 percent interest in the Spring Valley project and Barrick’s 100 percent interest in the Ruby Hill mine to subsidiaries of Waterton Precious Metals Fund II Cayman, LP for $110 million in cash.

“Through this sales process we have developed a strong working relationship with Waterton and we look forward to collaborating with them in the future should the right opportunities arise,” added Dushnisky.

Both transactions are subject to customary closing conditions. The transaction with Waterton is expected to be completed by the end of 2015. The transaction with Kinross is expected to be completed by mid-January 2016.

“We would like to extend our appreciation to our employees at these operations, who have made many important contributions to Barrick. We are confident that they will continue to thrive under new ownership,” said Dushnisky.