Casablanca — Moroccan mining company Managem has just announced the signing of a convention with the Republic of Guinea consisting of a $100 million investment in a Tri-K gold mining project.
Casablanca — Moroccan mining company Managem has just announced the signing of a convention with the Republic of Guinea consisting of a $100 million investment in a Tri-K gold mining project.
According to a December 19 statement issued by Managem, the project, which will be “situated in the Mandiana prefecture in upper Guinea, is the result of collaboration between the Managem group, Avocat and the Guinean state.”
The convention, which Managem says should be ratified by January, entails the following:
“1. The realization of an investment of around $100 million US Dollars for the construction of the mine, with a target production of 100,000 ounces of gold per year;
2. The first commercial production of the project, planned for the end of 2019;
3. Comprehensive research of the zone surrounding the perimeter of the operating license in order to extend the mine’s lifeline.”
The project, the statement continues, is part of an overall strategy to reach the production of 250,000 ounces of gold a year by 2020. This Tri-K project is an important first step to Managem’s extension into West Africa and into the rest of the continent.
Guinea will also benefit from the venture thanks to the creation of jobs and skill transfer and, more importantly, the project will significantly contribute to the development of Mandiana and upper Guinea.
