Morocco’s Managem completes Sudan gold mine partnership with China’s Wanbao
Morocco’s mining company Managem completed its partnership with China’s Wanbao to acquire 65% of Gabgaba gold mine in Sudan.
The deal is in line with Managem strategy to develop its investments in Africa and develop its activities in Sudan, Managem said in a statement.
Managem together with Wanbao will expand the Gabgaba mine and will own a 35% stake in the exploration licenses Blocks 64 a-b-c and 66 a-b-c currently owned by Wanbao Mining.
The Gabgaba (Block 15) expansion project is expected to have a gold yield of 60.000 to 200.000 Oz with an estimated capital expenditure of approximately 250 million dollars.
Besides Morocco and Sudan, Managem operates in the Democratic Republic of the Congo, Ethiopia, Gabon, Guinea Conackry, Côte d’Ivoire, and Mali.