Barrick Gold Corp., the world’s largest producer of the metal, agreed to sell a 50 per cent interest in its Zaldivar copper mine in Chile to Antofagasta Plc for US$1.01 billion.

The mine sale attracted a wide swath of players, including from Canada’s Teck Resources Inc., BHP Billiton and Chile’s Empresas Copec. Total consideration for the transaction is US$1,005 million in cash, which consists of US$980 million upon closing, subject to customary adjustments, and five annual payments of US$5 million per year, starting in 2016.

Toronto-based Barrick also said it was “actively exploring” a number of other joint venture and sales opportunities. “Such synergies may include the ability to leverage Antofagasta’s extensive in-country procurement programs, contractor relationships and administrative efficiencies”, Barrick said.

Barrick and Antofagasta will create a board to oversee Zaldivar, with each company contributing three directors.

The transaction is expected to close in late 2015.

“There are many potential opportunities to benefit from Antofagasta’s experience as Barrick evaluates development projects in the future”, Barrick Co-President Kelvin Dushnisky said.

“We are pleased to reach an agreement with the ideal partner for Zaldivar”.

Both companies said the agreement was a first step in a partnership.

Barrick’s market value has decline 45% just over the last three months and is now worth $8.4 billion in New York.