Moroccan mining company Managem agreed a partnership agreement with Wanbao Mining Group for the development of a large-scale gold mining project in Sudan. Gabgaba gold mine and expansion project is located 650km from the country’s capital, Khartoum. The region which mine is located, the Wadi Gabgaba has been known for its mineral wealth, in particular the gold.
According to the agreement Managem will retain 65% ownership in the exploitation and exploration license – Block 15 and the associated Gabgaba gold mine and expansion project, as well as exploration licenses, being Blocks 9 and 24, with Wanbao Mining owning the remaining 35%. In addition, Managem will own a 35% stake in the exploration licenses Blocks 64 a-b-c and 66 a-b-c currently owned by Wanbao Mining.
According to Managem’s statement, the deal is in line with the company’s strategy to develop its investments in Africa and develop its activities in Sudan. The company together with Wanbao aims to expand the Gabgaba. Managem stated that as partnership, they aim to increase the annual gold production in the project from 60.000 ounces to 200.000 ounces with an estimated capital expenditure of approximately $250 million.
Besides Morocco and Sudan, Managem operates in the Democratic Republic of the Congo, Ethiopia, Gabon, Guinea Conackry, Côte d’Ivoire, and Mali.
