(Kitco News) - Teranga Gold Corp. (TSX: TGZ) said late Wednesday that it has completed the previously announced acquisition of a 90% interest in the Massawa gold project from a subsidiary of Barrick Gold Corp. and its joint-venture partner, Compagnie Sénégalaise de Transports Transatlantiques Afrique de l’Ouest SA.
The government of Senegal holds the remaining 10% interest. The Massawa mine is located near Teranga’s Sabodala gold mine.
“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,” said Richard Young, president and chief executive officer of Teranga. “The combination of the two assets results in significant capital and operating synergies and creates a top-tier gold complex.”