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Morocco's Managem takes 65% stake of Sudan's Gabagba Gold mine

March 16, 2021 at 09:14 am EDT

RABAT (Reuters) - Morocco's leading mining firm Managem said on Tuesday it has completed a deal with China's Wanbao mining to control 65% of Sudan's Gabgaba gold mine extension projects.

Extension plans are expected to cost up and related to 250 million dollars in order to increase output to 200,000 oz, Managem said in a statement.

The acquisition is in line with the group's strategy to expand in Sudan and the African continent, it said.

Besides Morocco and Sudan, the company operates in the Democratic Republic of the Congo, Ethiopia, Gabon, Guinea Conackry, Ivory Coast and Mali.

(Reporting by Ahmed Eljechtimi, editing by Louise Heavens)

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