Canadian miner sells Senegal gold project for $430M

Photo: Barrick

Toronto-based Barrick Gold Corporation has agreed to sell its Massawa gold project in Senegal to Teranga Gold Corporation for a total of $430 million.


The transaction is to close in the first quarter of 2020, and it is subject to receipt of the Massawa exploitation license and residual explora-tion license from Senegal’s government, Barrick said in a statement.


“The agreement with Teranga, which will realise the full value of this asset and create a substantial new West African gold mining com-pany with significant African ownership, is the outcome of this pro-cess,” the statement said.


The Canadian business says it runs mining operations and projects in 15 countries worldwide.