{"id":1154600,"date":"2019-12-10T05:45:19","date_gmt":"2019-12-10T11:45:19","guid":{"rendered":"https:\/\/www.mining.com\/?p=1008850"},"modified":"2019-12-10T05:45:19","modified_gmt":"2019-12-10T11:45:19","slug":"barrick-to-sell-stake-in-senegal-project-to-teranga-gold-for-about-430m","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1154600","title":{"rendered":"Barrick to sell stake in Senegal project to Teranga Gold for about $430m"},"content":{"rendered":"<p>Barrick Gold (TSX:ABX) (NYSE:GOLD), the world\u2019s second largest producer of the precious metal, has <a href=\"https:\/\/www.barrick.com\/English\/news\/news-details\/2019\/Barrick-Reaches-Agreement-To-Sell-90-Interest-In-The-Massawa-Project-For-Up-To-430-Million\/default.aspx\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">agreed to sell its 90% stake in the Massawa project<\/a> in Senegal to fellow miner Teranga Gold (TSX:TGZ), in a stock and cash deal value at up to $430 million.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Massawa, one of the highest-grade undeveloped open-pit gold reserves in West Africa, is located only 20 km away from Teranga\u2019s flagship Sabodala mine. For that reason, Teranga had been named by experts as the logical buyer of Massawa, ever since Barrick announced it was up for sale as part of its <a href=\"https:\/\/www.mining.com\/barrick-gold-first-quarter-profit-misses-analysts-forecast\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">plan to offload $1.5 billion of asset through 2020<\/a>.\u00a0<\/p>\n<p>Barrick will hold more than 19.1 million<br \/>\nTeranga common shares, representing 11.45% of the company&#8217;s issued and<br \/>\noutstanding shares, and it will have the right to nominate one Teranga director<br \/>\nfor as long as it retains at least a 10% equity interest in the company.<\/p>\n<p>The gold giant acquired the 4-gram-per-tonne<br \/>\ngold project as part of its purchase of Randgold Resources.<\/p>\n<p><em>More to come\u2026<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Massawa, one of the highest-grade undeveloped open-pit gold reserves in West Africa, is located only 20 km away from Teranga&rsquo;s flagship Sabodala mine.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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