Moroccan Managem Partners with China’s Wanbao for $250 Million Gold Project in Sudan

Managem, which has been developing its activities for about ten years and operating the Gabgaba mine, has just concluded this new partnership with the Wanbao Mining group, in order to work on a major mining project in Sudan, in parallel with its strategy aimed at developing its investments on a pan-African scale and strengthening its presence in this country.

The new project aims to produce nearly 5 tons of gold per year in the medium term, for a total investment of around $250 million and the expansion of mining activities in the blocks held by the two partners, in order to develop a second gold mine within 3 years. Furthermore, this new strategic collaboration between the two groups provides for cross-minority stakes of 35%.

In 2017, the Managem group and its Chinese partner Wanbao Mining had concluded a first agreement for the development of the Pumpi project in the DRC. This project aimed to produce 45,000 tons of copper and 5,000 tons of cobalt per year. In September 2020, the first copper cathodes were produced. As for the production of cobalt hydroxides, it is scheduled for the first quarter of 2021.