Barrick sells Senegalese gold mine for $430m
The Canadian producer sells its Massawa project to Teranga Gold as it pushes ahead with asset sales
Bengaluru — Canadian gold miner Barrick Gold moved closer to its asset sales target on Tuesday by agreeing to sell its 90% stake in its Massawa project in Senegal to Teranga Gold for up to $430m.
Barrick could also look to sell its Tongon mine in Ivory Coast and its Lumwana copper project in Zambia, analysts have said.
Gold miners have notched transactions worth more than $30bn in 2019 as they seek to replace dwindling reserves and win back investors.
The price also includes a contingent payment of up to $50m based on the average gold price for the three years from when the deal closes, the companies said.
Barrick will have the right to nominate one Teranga director for as long as it retains at least a 10% equity interest in Teranga.
Barrick can increase its stake in Teranga after 18 months according to a standstill agreement reached by the companies.Read more: Business Day
Gold holds steady amid worry about tradeThe US Fed will meet on December 10-12 for an interest rate decision and investors are likely to focus on the outlook for next year and beyond
Gold’s lustre is likely to shine well into 2020Central banks are consuming a fifth of global supply, signaling a shift away from the dollar and bolstering the case for owning gold
Stage 6 load-shedding: Flooded coal mines, faulty cables and breakdownsEskom says a number of issues forced the move to Stage 6 load-shedding. So Eskom doesn't have a big storage for coal? BS Agh something has to be done bwt Eskom really this is frustrating
Eskom load-shedding hits SA’s economy as mines shut downThe crisis-hit power utility's unprecedented power cuts increase the chances of SA slipping into another recession
Petra Diamonds halts mining due to load shedding | IOL NewsPetra Diamonds said it was in the process of halting its operations in South Africa following a request by Eskom to reduce its electricity load. They must just realease the workers to go home for holidays.
Gold holds steady as focus turns to Fed meetingYellow metal little changed ahead of US rate-setting meeting and tariff deadline on Chinese goods