Newly partnered with Menagem in the Senegalese gold sector, Barrick Gild has decided to invest a total of $22.5
million over seven years to finance its exploration activities.
Moroccan mining company Managem and Canadian gold mining company Barrick Gold Corporation have signed a partnership agreement to develop gold exploration in Senegal.
The partnership will cover three gold exploration permits, including Daorala, Noumoufoukha and Faraba, Managem said in a press release on Wednesday.
These permits cover a total area of 820 square kilometres and are located in a rich geological region that stretches from western Mali to eastern Senegal. This area has already seen significant gold discoveries.
Under the agreement, Barrick will invest $7.5 million (Dh75 million) in the first two years, followed by $15 million (Dh150 million) between years three and seven. The goal is to conduct a pre-feasibility study that confirms a potential of at least 2 million ounces of gold.
Managem noted that the agreement is still subject to approval by the Senegalese Ministry of Energy, Petroleum and Mines. Once approved, the partnership will help advance the development of exploration permits
and attract more investment to the Senegalese mining sector, benefiting all stakeholders, the statement said.
“Through this partnership, Managem brings its deep knowledge of the terrain and regional expertise, while Barrick brings its world-renowned geological expertise and strong financial stability,” the statement said.
It added: “Together, they aim to accelerate exploration on Senegal’s three gold permits.”
In addition, both Menagem and Barrick Gold are committed to sustainable mining practices and aim to create long-term value for local communities and stakeholders.
Managem added that the partnership will strengthen Senegal’s gold industry and support local economic opportunities, while ensuring that operations meet international standards of sustainability and social
responsibility.
Senegal is home to several gold deposits, the most well-known being the Sabodala gold mine, one of the largest in the country.
MK/ac/Sf/fss/as/APA