Oriole Resources PLC (AIM:ORR) noted that IAMGOLD Corp (TSX:IMG), its partner on the Senala gold project in Senegal, has agreed to sell its portfolio of projects in Senegal, Mali and Guinea to Managem Group for about US$282mln (£232mln)
Included in the sale is IAMGOLD's interest in the option agreement on Senala, where IAMGOLD recently earned a 51% initial interest in Senala by spending US$4mln over four years and can earn up to a further 19% by spending an additional US$4mln before the end of February 2024.
The company said it is currently in discussions with IAMGOLD as to the effect of the transaction and the timing of further exploration at Senala, and would update the market in due course.
In a separate press release IAMGOLD, a mid-tier gold mining company, said the sale of its interests in exploration and development projects in Senegal, Mali and Guinea (known collectively as the 'Bambouk assets') followed a comprehensive strategic review and sale process.
“We are pleased that ownership of the Bambouk assets will be assumed by Managem, which has decades of mining development and operating experience in Africa and intends to advance these assets responsibly, for the benefit of all stakeholders,” said Maryse Bélanger, IAMGOLD’s chair, interim president and chief executive in a statement.
“IAMGOLD and Managem will work closely towards a smooth transition of ownership,” she said.
Managem, a fully integrated mining group, is majority owned by Al Mada, a pan-African private equity fund.
The group, which operates in six African countries, has been developing and mining a portfolio of gold and energy transition metals for more than 90 years. It is present throughout the entire mining cycle, from exploration to the trading of commodities.
IAMGOLD said it expects the transaction to close early in the third quarter of 2023.