Managem buys the gold mining project in Boto, Senegal, for $ 197 million

The largest Moroccan mining company, Managem, announced last Wednesday having acquired the gold mining project in Boto, Senegal, through a $ 197 million worth deal. This acquisition comes within the scope of a larger transaction, Managem having bought the gold assets of the Canadian company, Iamgold, last year for a total amount of $ 282 million. These assets also include mines in Guinea and Mali.

Managem announced that the purchase of the mine in Senegal will strenghten its position in West Africa and increase its gold production in the shorter term. The company is also planning to buy other gold assets in Guinea and Mali in the third quarter of this year.

Listed on the stock exchange in Casablanca, Managem is present in seven African countries and is majority-owned by the Moroccan royal family's holding, Al Mada. Last year, the company registered an 88% profit increase, totalling to 1.615 billion dirhams (about $ 160 million), thanks to a rise in precious metals prices.

The acquisition of the assets in Senegal is a major phase for Managem in its growth strategy in West Africa. The company will keep looking for investment opportuinities in the region, mainly in the gold mining sector.

Managem is a Moroccan gold mining company which was founded in 1930. It is listed on the stock exchange in Casablanca and is owned by the Moroccan royal family's holding, Al Mada. The company operates in several African countries, including Morocco, Guinea, Mali, Côte d'Ivoire, Burkina Faso, Congo and Sudan.

Mining activities of Managem include a wide range of metals, ranging from gold, silver, copper, cobalt, zinc, to lead. It has several mines, including the Akka gold mine in Morocco, to copper and cobalt mine in Kamato (DR Congo), and also the zinc mine in Perkoa (Burkina Faso). Managem also has a portfolio of metals development projects, including gold mining projects in Guinea and Mali.

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