Barrick Gold prepares for sale of Massawa gold project

By Daniel Brightmore
Share
Barrick Goldis working with advisers to find a buyer for itsMassawa gold project in Senegal, which it acquired as part of its purchase of Randgold Resou...

Barrick Gold is working with advisers to find a buyer for its Massawa gold project in Senegal, which it acquired as part of its purchase of Randgold Resources. 

Bloomberg reports sources said the asset could fetch a value of about $500mn. The company aims to kick off a formal sale process shortly for part or all of its stake.

Barrick is targeting $1.5bn in asset sales through 2020 following the company’s $5.4bn takeover of Randgold completed in January. The gold mining industry is consolidating quickly, and the biggest producers have been selling off smaller, unwanted assets as they merge.

Acquisitions of gold miners are up nearly six-fold over the last 12 months to about $27bn, according to data compiled by Bloomberg. No final decisions have been made, and there’s no certainty the deliberations will lead to a sale of the Massawa project.

SEE ALSO:

Barrick Gold and Newmont Goldcorp launch Nevada Gold Mines

Newmont Goldcorp Nevada JV with Barrick clears all regulatory conditions

Newmont and Goldcorp combine to create world's leading gold company

Read the latest issue of Mining Global here

Barrick owns about 83% of the Massawa project, according to its website. The asset is located in eastern Senegal, about 700km southeast of the capital city of Dakar.

Massawa is an example of a project where Barrick could sell part of its stake to another miner operating nearby, Chief Executive Officer Mark Bristow said in a May interview. 

Share

Featured Articles

Electric Mining Machines Growth 'will Drive Battery Demand'

Electric equipment battery demand expands as mining sector evaluates charging infrastructure needs, according to new research from technology analysis firm

ABB and Codelco Partner on Chilean Mine Decarbonisation

State copper producer Codelco to collaborate with mines automation specialist ABB on digital solutions and electrification across Chilean mining operations

London Metal Exchange: Trading Hub With 450-Year History

From its origins in London's Royal Exchange to its acquisition by HK Exchanges and Clearing, the LME's history mirrors the evolution of the metals market

EY Survey Shows Capital As Top Mining Risk For 2025

Supply Chain & Operations

Rio Tinto, BHP & Glencore 'Feeling the Pinch on Copper'

Supply Chain & Operations

Glencore & Schneider Partner on Copper Supply Chain

Sustainability