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Published on
19.06.2019 at 02:18
by
APA
The Moroccan group Managem has announced that it has taken control of the Tri-K project in the Republic of Guinea, after acquiring the remaining 30% stake in the JV from its partner Avocet Mining for $ 21 million. As part of its strategy to strengthen the Gold business in Africa and consolidate its presence in the Republic of Guinea, the Managem Group takes control of the Tri-K project and is now 85% -owned by Société Minières. Mandiana, license holder of Tri-K whose remaining 15% is owned by the Guinean Heritage Mining Company (SOGUIPAMI), said a statement from the Group.
The Tri-K gold project is located 90 km northeast of Kankan in Guinea, in an exploration area of 490 km2.
In 2016, Managem had taken a 40% stake in JV's capital with Avocet Mining, which it increased to 70% in 2018 after the finalization of the project's feasibility study, recalls the same source.
In 2019, the group initiated the Tri-K project financing program for a construction investment of $ 176 million. With a reserve of more than 1 million ounces of gold, Tri-K is one of Managem's largest gold projects. It will produce 120 KOz (3.5 tons) per year.
"We are confident in the potential of the Tri-K project and we aim to develop a large-scale gold mining operation to international standards in Mandiana prefecture," said Imad Toumi, Chief Executive Officer of Managem, quoted by the statement. .
With the conclusion of this operation, "we are entering a stage of effective construction of the project, with a goal of first gold production at the end of 2020", he continued, adding that Tri-K will allow the group to position itself as a major player in local development with more than 800 jobs and create sustainable value for its investors and all stakeholders.
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