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Rabat – Moroccan mining company Managem Group has announced its full acquisition of the Karita gold exploration project in Guinea from the Canadian company IAMGOLD.
Managem announced the news in a press release on Wednesday, saying that the “strategic” acquisition strengthens the company’s position as a “major player in the mining sector in Guinea.”
The statement added that the company was awarded two new exploration permits, Doumou and Diagana, located in close proximity to the Karita asset. This, Managem says, further enhances its development potential in the region.
In April last year, the group also finalized the acquisition of IAMGOLD’s stakes in Senegal, including a 90% interest in the Boto gold project and 100% of exploration interests in the country.
“With this new acquisition, the Managem Group, historically present in Guinea through the Tri-K project, reaffirms its ambition to strengthen its strategic position in West Africa,” the group said.
It added that the acquisition also contributes to the company’s presence on the African continent and supports its long-term commitment to sustainable development of the region.
Guinea is one of Africa’s richest countries in terms of natural resources, including gold, diamonds, bauxite, and iron ore, with mining playing a key role in the country’s economy.
The West African country holds substantial gold reserves, primarily located in the northeastern part of the country in regions like Siguiri, Kankan, Mandiana, and Dinguiraye.
Gold is the second most significant mineral export after bauxite, which makes it a crucial component of Guinea’s mining sector.
According to the UN Economic Commission for Africa, gold was the first mineral mined in Guinea. The precious metal’s reserves are estimated at between 1,000 and 2,000 tonnes.
