Teranga buys Barrick’s Massawa project in Senegal

Barrick Gold is selling its 90% stake in the Massawa gold project in Senegal to Teranga Gold for US$300 million in cash, US$80 million worth of shares, and contingent payments linked to the gold price of up to US$50 million. The Massawa project is within 25 km of Teranga Gold’s Sabadola mine, the largest producing gold mine in Senegal, 650 km east of Dakar. “You’d always prefer to pay less than more for anything, but Massawa is the highest grade open-pit development project in Africa, and it’s adjacent to our infrastructure, so it makes tremendous economic sense for us,” Richard Young, Teranga Gold’s president and CEO, says in an interview, adding “it won’t take much to bring Massawa into production.” Continue reading at The Northern Miner.