The Managem group concluded on Monday an agreement with the Canadian mining company IAMGOLD Corporation, relating to the acquisition of strategic assets in Senegal, Mali and Guinea.
This is a 90% stake in the company carrying the Boto gold project in Senegal (the remaining 10% will continue to be held by the Senegalese State), all the assets of Diakha-Siribaya (Mali) , Boto Ouest, Daorala and Senala Ouest (Senegal), and Karita (Guinea), as well as IAMGOLD’s shares in the Senala joint venture (Senegal), specifies a press release from Managem.
It should be noted that all assets acquired as part of this transaction are collectively referred to as the “Bambouk Assets”.
The acquisition covers 3 contiguous deposits and significant growth potential in 3 neighboring countries and located in the very prolific geological fault SMSZ “Senegalo-Malienne Shear Zone”, with short-term production potential from the Boto gold project whose reserve is 1.6 million ounces of gold (50 tonnes) and a total resource of the Bambouk Assets exceeds 5 million ounces of gold (155 tonnes), the statement said.
The price for the acquisition of all of the Bambouk Assets has been valued at approximately US$280 million, including a deferred payment of US$30 million which will, in principle, be paid within a maximum period of 6 months after the final completion of the transaction relating to the Boto gold project and associated properties in Senegal, informs the same source.
The outcome of this operation is subject to obtaining the approval of the government authorities in charge of mines in Senegal, Mali and Guinea as well as the satisfaction of the usual closing conditions.
Managem’s Chairman and CEO, Imad Toumi, who welcomed the conclusion of the agreement, said that “this transaction will enrich our already solid portfolio of assets, strengthen our role as a regional leader in the gold business in Africa and consolidate our position as a top-performer within 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 obvious synergies between these assets, the good relations between Morocco, Senegal, Mali and Guinea and the good dynamics of South-South collaboration,” he added.
For her part, Maryse Bélanger, Chairman of the Board of Directors and Interim President and Chief Executive Officer of IAMGOLD, declared that “we are delighted that the development of the Bambouk Assets is carried out by the Managem Group, which has decades of expertise in the development and operation of mines in Africa and which intends to advance these assets in a responsible manner, for the benefit of all stakeholders”.
“IAMGOLD and its executives will ensure a smooth transition of ownership,” she said. Managem is a pan-African mining group that has been developing and operating a diversified and balanced portfolio between gold and energy transition metals for more than 90 years.
IAMGOLD is a mid-tier company with operations in North America, South America and West Africa. It has three operating mines: Essakane (Burkina Faso), Rosebel (Suriname) and Westwood (Canada), and is constructing the large-scale, long-lived Côté Gold project (Canada), which is scheduled to start production in early 2024.