Home / Finance & Economy / Managem recovers its cargo of gold seized in Sudan

Managem recovers its cargo of gold seized in Sudan

A Sudanese mining export was prompted by the Sudanese authorities on Wednesday, May 8, 2019. The ensuing blockage sparked several reactions. Managem has just clarified the outcome of this operation.

Imad Toumi, Chief Executive Officer of Managem says: “We understand the questioning caused by this incident. The transfer of gold shipments, however, comes under the ordinary activity of a mining operator. Since we have been in Sudan, this type of transfer has already been done very frequently.”

“As part of a regular shipment and after completing all the paperwork in accordance with the regulations in force, on May 8, an unexpected administrative blockage caused the freezing of an export operation. All this has been clarified and the local authorities have been able to recognize our scrupulous respect for the regulatory procedures. We therefore wish to salute the rigor of the Sudanese authorities and to pay tribute to their great professionalism. This positive outcome has allowed us to finalize the export of this cargo to our customer,” said a Managem statement.

Imad Toumi adds that “wherever it operates, Managem is respected and recognized for its seriousness and for the strict respect of the laws and regulations of the country where our Group operates. We have been operating for nearly 90 years in the production and marketing of base metals, precious metals, cobalt and other minerals in Morocco and Africa. Our ability to operate on complex terrain is essential to developing our business in a sustainable way.”

The statement said that “Managem has been operating in Sudan for more than 10 years and is developing the Gabgaba mine through its subsidiary MANUB. Gold production started in 2012. Thanks to its expertise and the mobilization of its teams, Managem has succeeded in building a state-of-the-art plant, one of the country’s leading industrial units. Since the beginning, this represents a $ 120M investment for exploration and construction. As a result, Managem represents an important economic player in the region where it employs 900 people”.

Managem is a private mining operator, listed on the stock market. Since its creation in 1930, it has developed expertise in the entire value chain of mining, ranging from exploration and extraction to the marketing of minerals. Today, Managem, an international group with operations in nine countries, employs nearly 6,000 people.

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