Hedge funds slash bullish wagers on gold before war jitters
Speculators have reduced net-long positions by 3.6%.
Moroccan mining company Managem said on Tuesday it bought the assets of Canada’s Iamgold assets in Senegal, Mali and Guinea, known as Bamouk, for a total cost of $282 million.
The total resource portfolio of the Bamouk assets exceeds 5 million ounces of gold, Managem said in a statement.
Casablanca-listed Managem, which operates in six African countries, is controlled by the royal family holding company Al Mada.
Managem reported a revenue of 7.376 billion dirhams ($700 million) in the first nine months this year, up 45%, on the back of higher precious and base metal prices.
(By Ahmed Eljechtimi; Editing by Louise Heavens)
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