(3 minutes read)
· Managem, a Moroccan mining company, tied up with the Chinese Wanbao Mining Group, for undertaking gold extraction projects in Sudan
· Managem has acquired 65% stake in the Gabgaba gold mine in Sudan. The Wanbao will hold the remaining 35% of shares
· With the new arrangement, Sudan’s annual gold production can increase from 60,000 to 200,000 ounces.
The expansion would entail a cost of approximately US$250 million (MAD 2.2 billion
Managem, a Moroccan mining company, tied up with the Chinese Wanbao Mining Group, for undertaking gold extraction projects in Sudan. Managem, has acquired 65% stake in the Gabgaba gold mine in Sudan. The Wanbao will hold the remaining 35% of shares.
The Moroccan mining company will hold a 35% stake in additional six exploration blocks currently owned by the Chinese mining company. The joint venture will have the rights for extraction, exploration, as well as the expansion of Block 15.
With the new arrangement, Sudan’s annual gold production can increase from 60,000 to 200,000 ounces. The expansion would entail a cost of approximately US$250 million (MAD 2.2 billion). A feasibility study of the project is already underway.
The two mining companies, which will have partnership in the new ventures will endeavor to capitalize on high potential exploration and to develop an additional gold mine within the next three years. The two companies also undertake to expand their footprint in Sudan in other avenues also.
