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Barrick sells Senegalese gold mine for $430m

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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 shares were up 1.2% in early Toronto trading while the benchmark Canadian share index was flat. The consolidation has also led to a raft of mine sales around the world as top miners Barrick and Newmont Gold focus on their best performing assets. Barrick will have the right to nominate one Teranga director for as long as it retains at least a 10% equity interest in Teranga.

 

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