Morocco-based Managem Group has completed the previously announced acquisition of certain mining assets in Senegal from Canadian gold mining company IAMGOLD.
The assets include a 90% stake in the Boto gold mine, which is currently under construction. The remaining 10% is owned by the Government of Senegal.
The group has also acquired the exploration properties of Boto West, Senala West, and Daorala, along with a stake in the Senala exploration license, as part of an option agreement with Oriole.
Managem Group chairman and CEO Imad Toumi said: “The acquisition in Senegal strengthens our footprint in West Africa and gives Managem meaningful near-term production growth.
“It also strengthens our position as a leading regional gold producer. We welcome the team based in Senegal to Managem Group and look forward to driving these projects forward alongside our stakeholders with shared success.”
In December last year, Managem Group signed an agreement to acquire IAMGOLD’s interests in exploration and development projects in Senegal, Mali and Guinea (Bambouk assets), for a total consideration of about $282m.
The company has paid a total consideration of $197m, including a deferred payment of around $30m, as part of the agreement.
Managem is expected to complete the acquisition of IAMGOLD’s assets in Guinea and Mali in the third quarter of this year.
Sprott Capital Partners served as a financial advisor and Naciri & Associés Allen & Overy as legal advisor to the Morocco-based firm on the transaction.
