Moroccan company Managem Group has struck a $282m deal to acquire strategic assets in Senegal, Mali and Guinea, collectively known as the Bambouk Assets, from Canadian mining company Iamgold.
Under the agreement, Managem will acquire Iamgold’s 90% stake in the corporation holding the Boto Gold Project in Senegal.
The remaining 10% stake in the Boto project will be retained by the Government of Senegal.
Besides, Managem will purchase all Iamgold assets in Diakha-Siribaya, Mali; Boto West, Daorala and Senala Ouest in Senegal; and Karita in Guinea. The transaction also covers Iamgold’s stake in Senala Joint Venture.
The Moroccan company said in a statement: “The acquisition covers three contiguous deposits, offers significant upside in three neighbouring countries and is located along the prolific Senegal-Mali Shear Zone “SMSZ”, with short-term production potential from the Boto Gold Project which currently has mineral reserves of 1.6 million ounces of gold and a total resource portfolio of the Bambouk assets exceeding 5 million ounces of gold.”
The deal consideration includes a $30m deferred payment, which will be paid within six months after closing of the Boto Gold Project and associated properties in Senegal.
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The transaction awaits clearance from the mining governmental authorities of Senegal, Mali, and Guinea, and other customary closing conditions.
Managem chairman and CEO Imad Toumi said: “These transactions will enrich our already solid portfolio of assets, reinforce our role as a regional leader in the Gold activity in Africa and consolidate our position as a top-performer within the African mining industry.”