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.