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Barrick Gold profit lifts, plans Australian mine sale

(Adds medium term debt and cost targets, factors for higher profit, copper production forecasts, and capital spending outlook)

TORONTO, July 27 (Reuters) - Barrick Gold Corp, the world's largest gold producer, reported a rise in second-quarter profit on Wednesday and said it plans to sell its 50 percent stake in a western Australia mine to carve more from its debt.

Toronto-based Barrick, which has been selling off non-core mining assets and using cash flow to pay down debt, said it will explore selling half of the Kalgoorlie mine in Australia to improve its balance sheet.

The chief executive of Newmont Mining, Barrick's joint venture partner at Kalgoorlie, said last September that he was interested in buying out the...