The Moroccan group Managem has acquired mining assets in Senegal, Mali and Guinea

The assets of the Canadian firm IAMGOLD Corporation in three West African nations were purchased by the Moroccan mining business Managem on Monday, December 19, 2022. An overall sum of about $280 million will be paid for the three assets, which will be acquired.

The Moroccan mining group has just completed a major operation by acquiring mining assets from the Canadian mining company IAMGOLD Corporation in three West African countries.

These acquisitions include a 90% stake in the company carrying the Boto gold project (Senegal) (the remaining 10% stake will continue to be held by the Senegalese government), all the assets of Diakha-Siribaya (Mali), Boto West, Daorala and Senala West (Senegal), and Karita (Guinea), as well as IAMGOLD’s shares in the Senala joint venture (Senegal).

According to a Managem press release, “the acquisition covers 3 contiguous deposits with significant growth potential in 3 neighboring countries and located in the prolific SMSZ (Senegalo-Malian Shear Zone) geological fault, with near-term production potential from the Boto gold project with a reserve of 1.6 million ounces of gold (50 tonnes) and total resources from the Bambouk Assets in excess of 5 million ounces of gold (155 tonnes).

All assets acquired in this transaction are collectively referred to as the ” Bambouk Assets”.

“We are pleased to have concluded this agreement with IAMGOLD for the Bambouk Assets. This transaction will add to our already strong portfolio of assets, reinforce our role as a regional leader in the gold business in Africa and strengthen our position as a top performer in the African mining industry. We are very excited to work with the Boto, Diakha-Siribaya and Karita teams to advance these projects by leveraging the expertise and experience of our teams as well as the clear synergies between these assets, the good relationships between Morocco, Senegal, Mali and Guinea and the good momentum of South-South collaboration,” said Imad Toumi, CEO of Managem.

“We are delighted that the Bambouk Assets will be developed by the Managem Group, which has decades of expertise in developing and operating mines in Africa and is committed to advancing these assets in a responsible manner for the benefit of all stakeholders. IAMGOLD and its management will ensure a smooth transition of the property,” added Maryse Bélanger, Chair of the Board, Interim President and CEO.