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Globe says Teranga Gold mulls adding Barrick's Massawa

2019-08-13 08:52 ET - In the News

See In the News (C-TGZ) Teranga Gold Corp (2)

The Globe and Mail reports in its Tuesday edition that Barrick Gold is planning to sell some of its global assets, including its 50-per-cent share of the Kalgoorlie mine in Australia and its Massawa gold development project in Senegal. The Globe's Niall McGee writes that Barrick would also consider teaming up with another company to develop Massawa. Barrick chief executive officer Mark Bristow says that to demonstrate his faith in the asset, Barrick would be willing to take equity for Massawa if a buyer were to emerge. He named Toronto-based Teranga Gold and Australia's Resolute Mining as parties that may be interested in "working with us" on Massawa. "If Barrick ultimately decides to divest its assets in Senegal, we would take a look at it, as there could be operating synergies with our flagship Sabodala gold mine," Teranga chief executive officer Richard Young said in a prepared statement. "However, we would be very price sensitive given our current valuation." Also Monday, Barrick reported a net profit of $194-million for the quarter ended June 30, compared with a $94-million loss in the same quarter in 2018 (all figures U.S.). On an adjusted basis, the company reported earnings per share of nine cents.

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