Wires

UPDATE 1-Barrick Gold to sell stake in Massawa project to Teranga for up to $430 mln

$430 mln@ (Adds background)

Dec 10 (Reuters) - Canadian gold miner Barrick Gold Corp moved closer to its asset sales target on Tuesday by agreeing to sell its entire 90% stake in its Massawa project in Senegal to Teranga Gold Corporation for up to $430 million.

The sale is the latest by Barrick Chief Executive Officer Mark Bristow as he seeks to shed at least $1.5 billion of unprofitable mines by the end of 2020, following its acquisition of Rangold Resources a year ago.

The Canadian miner last month sold its half of the Kalgoorlie super pit gold mine to Australia's Saracen Mineral Holdings Ltd for $750 million.

Barrick could also look to sell its Tongon mine in Ivory Coast and its Lumwana copper project in Zambia, analysts have said.

Gold miners have notched transactions worth more than $30 billion this year as they seek to replace dwindling reserves and win back investors.

Under the terms of Tuesday's deal, Barrick will have the right to nominate one Teranga director for as long as it retains at least a 10% equity interest in Teranga.

Teranga said it plans to combine the Massawa project with its flagship Sabodlala gold project, creating a low-cost mid-tier producer with higher production and lower costs.

(Reporting by Arunima Kumar in Bengaluru; and Jeff Lewis in Toronto Editing by Shinjini Ganguli and Nick Zieminski)