(Ecofin Agency) - • Moroccan group Managem to begin operations at Boto gold mine in Senegal by H2 2025; the site holds 1.6 million ounces in mineral reserves
• The mine, acquired via 2023 purchase of Iamgold’s assets, will produce an average 170,000 ounces annually over its first three years

Moroccan mining group Managem, whose gold output currently depends mainly on the Tri-K gold mine in Guinea, is preparing to expand its production footprint with the launch of the Boto gold mine in Senegal. Tri-K accounted for 67% of the company’s total gold output in 2024.

On May 26, Managem confirmed that the Boto gold mine is on track for commissioning in the second half of 2025. With 1.6 million ounces in mineral reserves, Boto will become Senegal’s third industrial-scale gold mine.

The project was acquired in April 2023 as part of Managem’s purchase of select West African assets from Canadian firm Iamgold. Construction began shortly thereafter, with the total development cost estimated at €340 million ($387 million). As of December 2024, 85% of the work had been completed on schedule. Once operational, Boto is expected to yield an average of 170,000 ounces of gold annually over its first three years, with an estimated mine life of 11 years.

The launch is part of Managem’s broader strategy to reach 500,000 ounces of annual gold production by 2028. In 2024, the company produced 5,326 kg (187,900 ounces), largely from Tri-K (125,000 ounces), with smaller volumes from its Sudan operations.

Managem holds a 90% stake in Boto. In addition to this flagship project, the group is also developing other Senegalese gold prospects that could support its long-term production growth. Through its acquisition of Iamgold’s regional portfolio, Managem also gained full ownership of AGEM Exploration Senegal, which holds exploration licenses at Boto West, Senala West, and Daorala, as well as a joint interest in the Senala permit alongside Oriole Resources.

In February 2025, Managem signed a partnership agreement with Barrick Mining, the world’s second-largest gold producer, to accelerate exploration at the Daorala, Noumoufoukha, and Faraba permits.

Senegal currently hosts two industrial gold mines: the Sabodala-Massawa complex, owned by Endeavour Mining, and the Mako mine, operated by Australia’s Resolute. In 2024, Sabodala-Massawa produced 229,000 ounces, while Mako delivered 123,935 ounces.