Morocco’s Managem expands stake to 85% in a gold project in Guinea Conakry

Moroccan mining firm Managem announced, Tuesday, that it acquired 30% stake of West African-focused gold mining and exploration company and partner, Avocet Mining, for $21 million, expanding its stake in the Tri-K gold project in Guinea Conakry to 85%, Reuters reported.

In a statement relayed by the news agency, Managem indicates that this new acquisition is part of its plan to strengthen gold production in Africa and in the Republic of Guinea.

The remaining stake in the joint venture that runs the gold project is owned by Guinean state company SOGUIPAMI. The project will allow the Moroccan firm to produce 3.5 tons of gold a year, Managem said.

After it made an investment of $176 million in Tri-K, Managem is planning to «launch production at the 490-square-kilometer project by 2020 with annual production expected at 120,000 ounces of gold», Reuters explained.

Managem is owned by Moroccan royal family's holding Almada. It operates in the Democratic Republic of the Congo, Ethiopia, Gabon, Guinea Conakry, Ivory Coast, Mali, Morocco and Sudan.