Moroccan Managem Group announced on Wednesday the acquisition of 90% of the Boto project (under construction) and other gold mining assets in Senegal from Canadian company IAMGOLD. 10% of the said project will be held by the Senegalese Government.
The Moroccan company also acquired 100% of the exploration assets of Boto West, Senala West and Daorala, as well as an interest in the Senala exploration permit under an “Option Agreement” with Oriole – EMC.
These assets were purchased for a total of 197 million US dollars, of which about 30 mln is in deferred payments.
This deal in Senegal contributes to the group’s presence in West Africa and will consolidate the company’s gold output in the long run, said Managem CEO Imad Toumi.