Canada’s Barrick Gold’s (TSX, NYSE:ABX), the world's No.1 producer of the precious metal, has sold 50% of its subsidiary that manages the Porgera gold mine in Papua New Guinea to China’s Zijin Mining Group Co in a $298 million cash deal.

The deal is part of a long-term strategic cooperation agreement between Barrick and Zijin to collaborate on future projects and joint investments, leveraging the strengths of each company.