Barrick Gold (TSX: ABX) (NYSE: GOLD) has sold its project in southwestern Kenya, held by its former subsidiary Acacia Mining, to Tanzania-focused Shanta Gold for $14. 5 million.
The deal gives Shanta its first asset outside Tanzania, which
Acacia began exploring in 2010 before being bought out by Barrick.
The West Kenya licence holds about 1.18 million ounces of gold with a grade of 12.6 grams per tonne (g/t). Historical gold production in the area is estimated in roughly 259,000 ounces of gold at 12.3 g/t, mainly from Rosterman mine, included in the licence area of the West Kenya Project.
Barrick will become Shanta’s fifth largest shareholder, with
a 6.4% stake, as a result of the agreement.
More to come…