(Ecofin Agency) - Managem took over several West African gold projects previously owned by the Canadian company Iamgold. The Senala project in Senegal is one of them. The project could make Managem one of the country’s top gold producers.

The Senegalese government has renewed the exploration license for the Senala gold project until February 17, 2027. Oriole Resources, the British firm that co-owns the project with Moroccan group Managem, announced the renewal on April 8, 2024. 

(1/2) #ORR is pleased to announce the renewal of the Senela #gold #exploration licence in Senegal. The licence is valid for three years from 17 February 2024.

— Oriole Resources PLC (@OrioleResources) April 8, 2024

Managem became a co-owner of the project in April 2023, after buying Iamgold's assets, including AEGM Senegal, a firm that has been collaborating with Oriole since 2018. Managem’s new subsidiary spent around $5.8 million on exploration at Senela. entitling it to about 59% interest in the project. AEGM also has the option to increase its stake in the project to 70% by increasing its total investment to $8 million.

Before proceeding with exploration at Senala in the coming months, Oriole and Managem's subsidiary must form a joint venture reflecting their respective interests in the project. A new work plan with a corresponding budget is also planned. 

The Senala project regroups several promising prospects, including the Faré prospect. Faré could, according to initial estimates, deliver 155,000 ounces of inferred gold resources. For Managem, further work could lead to the discovery of a larger deposit, justifying the development of a gold mine. 

Managem also acquired the Boto gold mine through its deal with Iamgold. Strong with its new assets, the Moroccan group could become one of Senegal’s major producers in the future.

Emiliano Tossou