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    ABX   CA0679011084

BARRICK GOLD CORPORATION

(ABX)
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Barrick Gold : and partner selling project in Senegal in deal worth up to US$430M

12/10/2019 | 10:16am EDT

TORONTOBarrick Gold Corp. and its Senegalese joint-venture partner have reached deal to sell their 90 per cent stake in the Massawa project in Senegal to Teranga Gold Corp. in an agreement worth up to US$430 million.

Under the deal, Barrick and its partner will receive US$300 million in cash and roughly 20.7 million in Teranga shares valued at US$3.85 per share for a total of US$79.8 million.

They will also be eligible for a contingent payment of up to US$50 million that is based on the average gold price for the three-year period following the closing of the deal.

Barrick says it will receive 92.5 per cent of the total purchase price, while its Senegalese partner will receive the rest for its minority interest.

Barrick will hold an 11.45 per cent stake in Teranga once the deal is complete.

The Toronto-based gold miner is providing US$25 million of the US$225 million syndicated debt financing secured by Teranga in connection with the transaction.

This report by The Canadian Press was first published Dec. 10, 2019.

Companies in this story: (TSX:ABX)

© 2019 The Canadian Press. All rights reserved., source Canadian Press DataFile

Stocks mentioned in the article
ChangeLast1st jan.
BARRICK GOLD CORPORATION -0.70% 22.84 Delayed Quote.-21.24%
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Financials (USD)
Sales 2021 12 455 M - -
Net income 2021 2 190 M - -
Net cash 2021 825 M - -
P/E ratio 2021 14,9x
Yield 2021 4,36%
Capitalization 32 092 M 32 012 M -
EV / Sales 2021 2,51x
EV / Sales 2022 2,32x
Nbr of Employees 17 500
Free-Float 99,4%
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Number of Analysts 22
Last Close Price 18,04 $
Average target price 29,09 $
Spread / Average Target 61,3%
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Managers and Directors
Dennis Mark Bristow President, CEO & Non-Independent Director
Graham Patrick Shuttleworth Chief Financial Officer & Senior Executive VP
John Lawson Thornton Non-Independent Executive Chairman
Gustavo A. Cisneros Independent Director
Joseph Brett Harvey Lead Independent Director
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