Managem acquires Senegal’s Boto gold project

Morocco’s largest stage.mining.company Managem has taken control of the Boto gold project in Senegal under a deal worth $197 million, it said on Wednesday.

The deal is part of a transaction last year to buy the assets of Canada’s Iamgold, which also include mines in Mali and Guinea, for a total of $282 million.

Managem said the Senegal mine would strenghten its position in West Africa and its near-term gold production growth.

The company expects to close the acquisition of other gold assets in Guinea and Mali in the third quarter, it said.

Casablanca-listed Managem, which operates in six African countries, is controlled by the Morocco royal family holding company Al Mada.

The company reported a profit up 88% to 1.615 billion dirhams ($160m) last year on the back of higher sales of precious metals.

(By Ahmed Eljechtimi; Editing by David Goodman)