Pan-African mining group Managem and Barrick Gold Corporation, a global leader in gold and copper production, have announced a strategic alliance to develop gold exploration in Senegal. The partnership covers three exploration permits in a geologically rich region: Daorala, Noumoufoukha and Faraba, spanning a total area of 820 km². The initiative aims to confirm a potential of at least 2 million ounces of gold, strengthening Senegal’s appeal as a leading mining destination.
The exploration permits are located in a region known for its gold potential, stretching from western Mali to eastern Senegal. Several major gold discoveries have already been made in the area, making it a prime exploration target for the two partners. According to a statement published by Managem on the website of Morocco’s Capital Market Authority (AMMC), the strategic alliance aims to maximize the permits’ potential by combining technical and financial expertise.
Under the agreement, Barrick Gold will invest $7.5 million over the first two years, followed by $15 million between years three and seven. The funds will support a pre-feasibility study to confirm the sites’ gold potential. The goal is to identify reserves of at least 2 million ounces of gold, which could position Senegal as a key gold producer in West Africa.
“This alliance remains subject to approval by Senegal’s Ministry of Energy, Petroleum and Mines. It aims to advance the exploration permits and make the country more attractive for mining investment, for the benefit of all stakeholders,” Managem said in its statement.
The strategic partnership brings together the complementary strengths of the two groups. Managem contributes essential local expertise, drawing on its in-depth knowledge of the terrain and regional presence to navigate Senegal’s geopolitical and operating environment. Barrick Gold, known for its world-class geological expertise and financial strength, will help accelerate exploration and maximize the prospects of success.
“This collaboration is a unique opportunity to combine our strengths to explore and develop world-class gold resources in Senegal,” a Barrick Gold spokesperson said. “We are confident this alliance will lead to significant discoveries and create value for all stakeholders.”
The alliance is part of a broader effort to strengthen Senegal’s mining sector, which is seeking to attract foreign investment while maximizing local economic benefits. Developing the Daorala, Noumoufoukha and Faraba permits could create jobs, stimulate local infrastructure and contribute to the country’s economic growth.
“Senegal has considerable mining potential, and this partnership between Managem and Barrick Gold is excellent news for our country,” a Senegalese mining expert said. “It shows that Senegal is an attractive destination for international mining investment.”
If the pre-feasibility study confirms the permits’ gold potential, the alliance could pave the way for further investment and eventual mine development. This would strengthen Senegal’s position in Africa’s mining sector and its ability to use natural resources to support economic development.
Pending final approval from Senegal’s Ministry of Energy, Petroleum and Mines, the alliance between Managem and Barrick Gold marks a promising step for gold exploration in Senegal. It also reflects the growing trend of partnerships between local and international players seeking to maximize opportunities in Africa’s mining sector.