Senegal approves Teranga and Barrick's Massawa transaction
Senegal has approved TSX-listed Teranga Gold’s $430-million acquisition of the Massawa mine from gold major Barrick Gold.
The Senegal approvals also include a formal consent to Teranga’s plans to integrate Massawa into its existing Sabodala gold mine, as well as a formal waiver by the government of Senegal of its equity participation right to elect, on its behalf or on behalf of the private sector, to purchase up to an additional 25% of Massawa at market value.
These approvals were key conditions precedent to closing of the transaction, which was announced in December.
Barrick and Teranga expect to satisfy the remaining conditions precedent to closing of the transaction in the coming weeks, which include the granting of an exploitation licence and a residual exploration licence for Massawa.
The transaction should close in the first quarter of 2020.
Comments
The login details you entered is incorrect. Please try and re-enter your username and password. If you continue having problems, please contact us at subscriptions@creamermedia.co.za for assistance.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
