A small reviewOf why i believe TGZ will be a leader in West African Mining and a great cash cow for us shareholders.
-Teranga to acquire one of the highest-grade undeveloped open-pit gold reserves in Africa(2
-Significant opportunity for capital and operating synergies(3) and value creation
--Sabodala-Massawa Complex anticipated to create a top tier gold asset
-Pro forma Teranga anticipated to transform into low-cost, mid-tier gold producer
-Barrick to become Teranga’s second largest shareholder
-Cornerstone shareholder supports transaction, increases share position $45 million
-“Since my initial investment in Teranga four years ago, I saw the opportunity to create a top tier gold producer in West Africa,” stated Mr. Mimran. “I expect Teranga’s management team to quickly unlock the significant potential of Massawa’s high-grade reserves and deliver value to shareholders and our Senegalese stakeholders for years to come. This acquisition represents an opportunity to expand Senegal’s gold mining industry and contribute further to the development of the country and the communities we touch.” Barrick president and chief executive Mark Bristow said the group had been pursuing the best means of bringing Massawa – discovered by its legacy company Randgold Resources 10 years ago – to account for the full benefit of all stakeholders. The agreement with Teranga, which will realise the full value of this asset and create a substantial new West African gold mining company with significant African ownership, is the outcome of this process.