Barrick sells Senegalese gold mine for $430m

Barrick sells Senegalese gold mine for $430m

11.12.2019

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

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