Managem is taking a pivotal step in its gold strategy with a major deal in Sudan, signaling a shift in focus and an expanded regional outlook. The Moroccan mining group has agreed to sell an additional 45% stake in its Gabgaba – Block 15 gold joint venture to its Chinese partner Norin Mining for $420 million. The deal values the entire project – net of debt and cash – at that same amount. Once finalized, Norin Mining will hold 80% of the venture, while Managem retains a 20% stake, along with enhanced minority rights.
The transaction is still subject to standard closing conditions, but once completed, it will pave the way for the industrial launch of the WG03 phase. This next stage of development is aimed at boosting annual gold output by an additional 120,000 ounces, significantly scaling up operations at Gabgaba.
This move marks a new chapter for the project, underpinned by stronger financial and technical capabilities. The ramp-up is expected not only to maximize the site’s resource potential but also to deepen its economic and social impact in the surrounding communities.
Despite reducing its ownership in Block 15, Managem is not stepping back from Sudan. The group will continue its exploration efforts in the country through its 50% stakes in blocks 9, 24, 64, and 66. These assets reflect Managem’s commitment to tapping Sudan’s broader gold reserves and maintaining a long-term presence in the region.
For CEO Imad Toumi, the partial divestment is a strategic reallocation of capital, fully aligned with the company’s broader ambitions in gold. The funds will support the group’s other high-priority projects across West and Central Africa. These include bringing the Boto mine in Senegal into production, expanding operations at the Tri-K site in Guinea, advancing the Karita project—also in Guinea—and developing the Eteke mine in Gabon.
