Managem has signed a new strategic agreement with Norin Mining for the sale of an additional 45% stake in the Gabgaba - Block 15 gold project, for USD 420 million based on a 100% project valuation on a net-debt and cash-free basis.
Norin Mining will increase its participation to 80%, while Managem will retain 20% with strengthened minority rights.
This agreement will accelerate the development of the WG03 phase, adding 120,000 ounces of gold per year and securing the required financing.
Managem maintains a strategic presence in Sudan through its participation in several exploration blocks.
