Teranga Gold Corp. has completed the previously announced acquisition of a 90% interest in the Massawa Gold Project from a wholly-owned subsidiary of Barrick Gold Corp. and its joint venture partner, Compagnie Sénégalaise de Transports Transatlantiques Afrique de l’Ouest SA (CSTTAO), with the government of Senegal holding the remaining 10% interest in Massawa.
“Now that the transaction is complete, we are turning our focus to integrating the high-grade Massawa deposits into our mine plan and leveraging our existing infrastructure at Sabodala,” President and CEO Richard Young said. “The combination of the two assets results in significant capital and operating synergies and creates a top-tier gold complex.”
When combined with the company’s recently commissioned Wahgnion gold mine, it will reposition Teranga as a low-cost, midtier gold producer, Young added.
The upfront consideration totaled $380 million and consisted of approximately $300 million in cash and an aggregate of approximately $80 million in Teranga common shares issued to Barrick and CSTTAO.