Moroccan mining company Managem has announced to have commenced gold production at its mine in Guinea. The mine was opened as part of the company’s expansion plan in Africa. They plan to produce 130 000 oz of gold a year at the Tri-K mine, where reserves are estimated at 1.5-million ounces. According to Managem Chief Executive Imad Toumi Gold accounts for 20% of the firm’s turnover.
Tri-K gold mine
The firm plans hopes to increase that share to 50%. The company also produces copper, silver, cobalt, lead and zinc. Last year, the Casablanca-listed company posted a profit of 225-million dirhams after a loss of 427-million dirhams a year earlier. The Tri-K gold mine in Guinea is located northeast of Kankan in the Mandiana region, this surface mine contains reserves estimated at 1,565,000 ounces for a target production of 130,000 ounces per year.
The first casting was carried out on Wednesday, June 23, following the completion of the construction work. The group produced its first gold bar there. This mine thus consolidates Managem’s presence in Guinea “and supports its determination to position itself among the most important mid-size gold producers in West Africa”, indicates the Moroccan group.
The Tri-K mine, whose construction work was carried out under the supervision of Reminex, a subsidiary of the Managem Group, will produce 130,000 ounces of gold per year, at a projected cash cost of $ 600 to $ 700 / oz. It will also generate 800 direct jobs and 1,500 indirect jobs. Its lifespan is 12 years.
