Oriole Resources plc’s earn-in partner in the Senala gold project has sold its portfolio in Senegal, Mali and Guinea for a total $282 million to Managem Group.
OPTION AGREEMENT
IAMGOLD Corporation had an option agreement on Senala where it recently earned a 51% initial interest by spending $4m over four years.
The Canadian company could have earned up to a further 19%, taking the total to 70%, by spending an additional $4m before the end of February 2024.
Oriole said that IAMGOLD’S transaction, subject to approvals, is expected to close in early Q3 2023.
The company added it was in discussions with IAMGOLD on the effect of the transaction and the timing of further exploration at Senala.
Managem is a Moroccan mining company established in nine countries in Africa.