Moroccan Mining Giant Expands in West Africa with $197M Gold Project Acquisition

Managem announces that it has taken control of the Boto gold project in Senegal as part of a $197 million agreement. This agreement is part of a transaction completed in December 2022 to acquire the assets of the Canadian mining company IAMGOLD Corporation ("IAMGOLD: its 90% stake in the company holding the Boto gold project (Senegal), all the assets of Diakha-Siribaya (Mali), Boto Ouest, Daorala, and Senala Ouest (Senegal), and Karita (Guinea), as well as (iii) IAMGOLD’s shares in the Senala joint venture (Senegal). All the assets acquired as part of this transaction are collectively referred to as the "Bambouk Assets"). Their value is $282 million.

For Managem, the Senegalese mine would strengthen its position in West Africa and the growth of its gold production in the short term. The group plans to complete the acquisition of other gold assets in Guinea and Mali during the third quarter.

Listed in Casablanca, Managem is a pan-African mining group that has been developing and operating a diversified and balanced portfolio between gold and energy transition metals for more than 90 years. Majority-owned by Al Mada, the group is present in six African countries. It claims to have achieved, in 2022, a profit increase of 88% to 1.615 billion dirhams ($160 million).