Fortuna Mining (FSM) has acquired the Bambadji advanced gold exploration project in Senegal via the purchase of certain local subsidiaries held by Barrick Mining (B) and Iamgold (IAG) for $200 million in cash, Fortuna said late Monday.
Under the terms of the deals, the company paid $130.4 million to a Barrick unit and $69.7 million to an Iamgold subsidiary. Fortuna also granted a 0.5% net smelter return royalty to the sellers on the first 1.75 million ounces of gold produced from the Bambadji Nord property, it said.
Fortuna shares were down 1.6% in premarket activity Tuesday, while Barrick fell 1.2%. Iamgold was 1.4% lower.
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