Managem Group annnounced today that it has closed the acquisition Boto operations located in Senegal from IAMGOLD.
Total cost is $197 million, including a deferred payment of approximately US$30 million.
Managem now owns 90% of the Boto, an under-construction gold mine. The remaining 10% is owned by the Government of Senegal. Managem also now has 100% of the exploration properties of Boto West, Senala West, Daorala, as well as an interest in the Senala exploration license as part of an option agreement with Oriole - EMC.
“The acquisition in Senegal strengthens our footprint in West Africa and gives Managem meaningful near term production growth. It also strengthens our position as a leading regional gold producer. We welcome the team based in Senegal to Managem Group and look forward to driving these projects forward alongside our stakeholders with shared success.” said Imad TOUMI, Chairman and CEO of Managem.
