Meknes – Managem Group, a major mining company in Morocco, recorded an increase of 8% at the end of September 2020 compared to the same period of the previous year. A statement by the company reported that revenue stood at MAD 3.525 million ($385,000), against MAD 3.274 million ($358,000) one year previously.
The mining group’s end-of-September quarterly indicators report showed that the company’s continuous growth strategy enabled a CAPEX (capital expenditure) of MAD 1.65 million ($180,000) at the end of September, up 26% compared to the same period in 2019. The statement noted that the company allocated approximately 53% of its CAPEX to its TRI-K gold project in Guinea.
The report also said Managem’s Pumpi project in the Democratic Republic of Congo, in partnership with the Chinese group Wanbao Mining, started producing copper cathodes in September. Managem Group intends to produce cobalt starting in early 2021.
The company signed in July a €100 million contract with BMW to supply cobalt for the auto manufacturer over a five-year period.
Managem’s net consolidated debt stood at MAD 5.546 million ($606,000) at the end of September, representing an increase of MAD 1.38 million ($151,000) compared to the end of 2019. The group invests in development projects across the continent, thus supporting King Mohammed VI’s general strategy in Africa.
Given the COVID-19 pandemic, the company’s statement said it has taken all the necessary health measures against the spread of COVID-19 among its employees and their families.
The statement also said Managem adopted a “continuity plan” as a strategy to counter the repercussions of the health crisis on its operations.