Managem, the Moroccan mining group, continues its ascent on the continent: it is out to conquer West African gold. The company, present in many African countries, recently acquired assets worth around 280 million dollars in Senegal, Mali and Guinea.
In December, Managem signs an agreement with Iamgold, the Canadian mining company, to buy gold assets from it in three West African countries. The agreement covers the “Bambouk Assets” which include mines in Mali, Senegal, and Guinea. The acquisition, therefore, concerns three neighboring deposits with significant potential: the resources of the Bambouk assets contain 5 million ounces of gold or 155 tonnes.
An important acquisition in view of the price of the precious metal. It has been steadily increasing in recent years. In 20 years, the price of a gram of gold has increased by more than 400% to stabilize today at around 55 euros.
With the signing of this agreement, Managem will have five projects in Senegal under its control. In Mali, it is the assets of Diakha-Siribaya, a project with 8 operating permits stretching over more than 600 km, that the Moroccan group has taken over. And the gold project of Karita, in the northeast of Guinea, with an operating surface of 100 km, is also part of the agreement.
Managem strengthens its place in the African mining industry
“ This transaction will enrich our already strong portfolio of assets,” said Imad Toumi, CEO of Managem. What strengthens the place in the African mining industry of the Moroccan group?
Founded in 1928, the Moroccan company is already established in 8 African countries. Even if the group’s activities are now mainly based in Morocco with 12 mines producing base metals, such as copper or lead, or even precious metals, such as gold and silver, Managem wishes to increase its presence beyond the borders of the kingdom.
The group notably opened a gold mine in Sudan and launched gold exploration and mining in Gabon. Successful activities that enabled Managem to generate 664 million euros in turnover in 2021.
South-South cooperation
On the side of Mali, Guinea, and Senegal, the arrival of the Moroccan mining group is well received. For Chérif Sow, an international consultant in mining law and artisanal and small-scale gold mining, it is a good thing to see South-South cooperation developing in the field.
“ It is important that African companies play a role in our operations. Otherwise, all the gold leaves our continent,” he explains. For him, if Morocco develops refineries in Africa, then the added value generated will benefit the continent. “ These are forms of cooperation that must be encouraged,” he adds.
But Chéri Sow has a caveat. We must not forget to involve the local populations in the farms. According to him, it is essential to integrate the community into governance.
