Teranga Gold Corp. [TGZ-TSX; TGCDF-OTCQX] shares shot up $0.67 in April 9 trading to $8.80 with 1,419,500 shares traded for an increase of 8.2%. Gold was up US$35.10/oz to US $1,681.60/oz, down from US$1,697/oz earlier in the day.
First quarter 2020 consolidated gold production expected to be in the range of 85,000 to 90,000 ounces.
Since its initial public offering in 2010, Teranga has produced more than 2 million ounces of gold at its Sabodala operation in Senegal, West Africa, which is expected to transform into a top tier gold complex upon the integration of the recently acquired high-grade Massawa gold project, also in Senegal. Focused on diversification and growth towards its vision of becoming a mid-tier producer, the company recently announced commercial production at its second gold mine, Wahgnion, which is located in Burkina Faso, and is carrying out exploration programs in three West African countries: Burkina Faso, Côte d’Ivoire and Senegal.
Teranga announced the appointment of Simon Bottoms, MGeol, FGS CGeol, FAusIMM, to the company’s board of directors, effective immediately. Bottoms was nominated to join Teranga’s board of directors by Barrick Gold Corp. [ABX-TSX; GOLD-NYSE], the company’s second largest shareholder. Pursuant to the terms of an investor agreement related to its recent acquisition of the Massawa gold project, Barrick is entitled to nominate one board member so long as it retains at least a 10% ownership interest in Teranga.
Bottoms is currently Senior Vice President Africa & Middle East Mineral Resource Manager for Barrick, where he is responsible for the management of all Africa and Middle East mine operations and project technical teams as the lead technical executive for the region.
Prior to his current position, Bottoms was Group Mineral Resource Manager for Randgold, which was subsequently acquired by Barrick in 2018.
Alan Hill, Chairman of the board of Teranga, commented, “On behalf of the board, I’d like to welcome Simon to Teranga. His experience with the Massawa Project will prove helpful as we integrate Massawa into our Sabodala gold operation to create a top tier gold complex and continue progressing the company’s exploration plans across Senegal, Burkina Faso and Côte d’Ivoire.” Following Mr. Bottoms’ appointment, the Teranga board will increase temporarily from 9 to 10 directors. The company plans to return to a 9-person board following the upcoming annual general meeting.