Morocco’s Managem Group has expanded its footprint in West Africa with the complete acquisition of the Karita gold exploration project in Guinea. The deal, which transfers ownership from Canadian mining company IAMGOLD, is seen as a significant move to enhance Managem’s strategic position in the region.
In a statement issued on Wednesday, the company described the acquisition as a “strategic” milestone, reinforcing its status as a key player in Guinea’s mining sector. Additionally, Managem announced it had secured two new exploration permits, Doumou and Diagana, located close to the Karita project. These permits are expected to bolster the company’s development prospects and resource potential in the area.
The Karita acquisition builds on Managem’s previous expansion efforts in West Africa. Last year, the company finalized a deal to acquire IAMGOLD’s assets in Senegal, including a 90% stake in the Boto gold project and full exploration rights across the country.
“With this latest transaction, Managem reaffirms its commitment to solidify its strategic presence in West Africa, adding to its established operations like the Tri-K gold project in Guinea,” the group stated. It also emphasized its dedication to sustainable development and contributing to the economic growth of the region.
Guinea is a resource-rich nation, boasting significant reserves of gold, diamonds, bauxite, and iron ore. Mining remains a critical pillar of its economy, with gold ranking as the second most valuable mineral export after bauxite.
The country’s gold reserves are largely concentrated in northeastern regions, including Siguiri, Kankan, Mandiana, and Dinguiraye. According to the UN Economic Commission for Africa, Guinea’s gold reserves are estimated at between 1,000 and 2,000 tonnes, making it a key player in the global gold market.
Managem’s latest acquisition underscores the growing international interest in Guinea’s mining sector, which continues to attract significant investment due to its vast untapped potential.