March 2025: Managem (Morocco; Al Mada-controlled; ~US$10.8bn market capitalisation) signed an agreement transferring an additional 45% interest in the Gabgaba Block 15 gold project in Sudan to its counterparty for US$420m (the group had invested ~US$120m in the Block since 2012 through Manub). Reported as both a stake sale and an acquisition depending on the source, the disclosure record is ambiguous and this entry is flagged accordingly.
Managem simultaneously announced a US$750m gold investment programme (targeting 500,000ozpa by 2030; Boto in Senegal reached first gold; Karita in Guinea, US$600m, from 2029) and posted net profit of US$322m in 2025 (+384%). Sudan’s mining sector has otherwise been a war economy since April 2023.
Value: US$420m (as reported in the financial press).
Advisers: No legal adviser is identified in the public record reviewed by The Meridian.
Recorded by The Meridian research desk from public announcements, regulatory filings and financial press coverage. Dates and values are as publicly reported.
