Moroccan mining firm, Managem, announced, Tuesday, that it acquired the remaining 30% stake in the joint venture with West African-focused gold mining and exploration company Avocet Mining, for $21 million. With this new acquisition, the Moroccan company expands to 85% its stake in the capital of SMM (Mandiana Mining Companies), which holds the Tri-K gold operating license. The remaining 15% stake in the joint venture that runs the gold project remains in the hands of Soguipami (Guinean mining heritage company). In a statement relayed by Reuters news agency, Managem indicates that this new acquisition is part of its plan to strengthen gold production in Africa and in Guinea. The Tri-K project, one of the largest in the group, has an estimated reserve of more than 1 million ounces of gold.

Source: The North Africa Journal June 19, 2019 15:11 UTC