That said, he expects a new focus on shedding non-core assets and improving operating performance, which should lead to better opportunities to deploy capital to shareholders, an attempt at which was shot down by the Federal Reserve after the 2012 CCAR.

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Finally, Barrick is looking for a buyer for its energy business to get rid of non-core assets with short lives and high operating costs.

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The implied premium for the operating assets of the company clearly is considerably greater when adjusted for the minority, non-controlled assets and cash.

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Currently, the two companies are discussing which specific ExxonMobil international assets Rosneft will become a non-operating equity participant, according to Alan Jeffers, a spokesperson for ExxonMobil.

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Barrick said it is looking to sell some non-core assets such as its energy unit, as well as mines with short lives and high operating costs.

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