(RTTNews) - Wednesday, Barrick Gold Corp. (ABX: News ) announced the closing of its acquisition of an additional 25% interest in the Cerro Casale Project in Chile from Kinross Gold Corp.(K.TO),(KGC: News ). Kinross Gold is a Canadian-based gold mining company with mines and projects in the United States, Brazil, Chile, Ecuador and Russia.

Barrick now owns a 75% interest in and gains control of one of the world's largest undeveloped gold-copper deposits, the company added.

Barrick acquired the additional 25% interest in the Cerro Casale Project for consideration of around $474 million comprised of $454 million cash and the elimination of a $20 million contingent obligation which was payable by Kinross to Barrick on a production decision. The company cash portion of the consideration previously announced was adjusted on closing for working capital.

/> KGC closed at $17.09, down $0.03 or 0.18%, on a volume of 4.328 million shares on the NYSE, and in after hours, gained 0.64% to $17.20.