NYSE- and TSX- listed Barrick Gold Corporation and its Senegalese joint venture partner Compagnie Sénégalaise de Transports Transatlantiques Afrique de l’Ouest will sell their 90% interest in the Massawa project, in Senegal, to West African gold miner Teranga Gold Corporation for up to $430-million. The purchase price will include an upfront payment of $380-million, comprising $300-million in cash and about 20.72-million Teranga shares, as well as a contingent payment of up to $50-million based on the avera gold price for the three-year period immediately following the closing of the transaction.
