Morocco's Managem takes 65% stake of Sudan’s Gabagba Gold mine

Managem has completed a deal with China's Wanbao mining

  
Image used for illustrative purpose. Refined gold is poured into moulds to be made into gold bars at South Africa's Rand Refinery in Germiston May 30, 2006. [Physical sales of gold from South Africa's Rand Refinery to the biggest consuming nation India have fallen by around a fifth so far this year due to a strong rally in prices, a refinery official said on Tuesday.]

Image used for illustrative purpose. Refined gold is poured into moulds to be made into gold bars at South Africa's Rand Refinery in Germiston May 30, 2006. [Physical sales of gold from South Africa's Rand Refinery to the biggest consuming nation India have fallen by around a fifth so far this year due to a strong rally in prices, a refinery official said on Tuesday.]

REUTERS/STR New

RABAT - Morocco's leading mining firm Managem said on Tuesday it has completed a deal with China's Wanbao mining to control 65% of Sudan's Gabgaba gold mine extension projects.

Extension plans are expected to cost up and related to 250 million dollars in order to increase output to 200,000 oz, Managem said in a statement.

The acquisition is in line with the group's strategy to expand in Sudan and the African continent, it said.

Besides Morocco and Sudan, the company operates in the Democratic Republic of the Congo, Ethiopia, Gabon, Guinea Conackry, Ivory Coast and Mali.

(Reporting by Ahmed Eljechtimi, editing by Louise Heavens) ((ahmed.eljechtimi@thomsonreuters.com;))