Barrick Gold Corp. (ABX.TO, GOLD) is looking to sell its stake in a relatively small Chilean copper mine, as the company focuses on bigger and more profitable operations elsewhere, according to people with knowledge of the matter, Bloomberg is reporting Monday

The firm has appointed advisors and reached out to possible buyers for its 50% holding in the Zaldivar mine, the people said, asking not to be identified because the matter is private. Antofagasta Plc owns the other 50%. The process is at an early stage and may not lead to a deal, they added.

Monday's report noted that while the world's No. 2 gold miner is keen to expand into copper to tap into the decarbonization theme many investors favor, it has also looked to simplify its business as its focuses on tier one assets and paying down debt.

A spokesperson for Barrick declined to comment.

Bloomberg said the Zaldivar mine in Chile is "relatively small", producing a total of about 80,000 tons of copper last year. While that's dwarfed by the large mines that dot the Andes, the project will still require sizable investments in the coming years, it added.

Instead, Bloomberg noted Barrick is focused on its huge Reko Diq copper project in Pakistan, as well as Lumwana in Zambia. In both cases, Barrick would be the operator.

Meanwhile, Reuters Karachi is citing the CEO of joint owner Barrick as saying in a media interview the Reko Diq copper and gold project in Pakistan is expected to generate approximately US$74 billion in free cash flow over the next 37 years, based on consensus long-term prices.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)