Join on WhatsApp
Join on Telegram
Rabat – Moroccan mining company Managem Group has reported a positive financial performance for the first nine months of 2024, with a 10% increase in consolidated revenue compared to the same period in 2023, reaching MAD 6.53 billion.
This growth was primarily driven by higher metal prices and increased sales volumes, despite some challenges, said the company in a press release.
The notable price hikes in key metals include a 17% rise in gold, 14% in silver, and 15% in copper, which offset a significant 33% drop in cobalt prices.
In addition, the group saw higher sales volumes, although there was a slight decline in the USD/MAD exchange rate by 2%.
In the third quarter of 2024 alone, the group recorded a 21% revenue growth compared to the same period last year. This performance was fueled by higher sales of precious metals, including gold and silver, and the first-time commercialization of Managem’s share of production from the Pumpi project in the Democratic Republic of Congo.
The statement added that Managem continues to invest heavily in its growth strategy. By the end of September, the group allocated MAD 4.26 billion to new projects, significantly higher than the previous year’s investment.
Around 73% of these funds were directed toward key construction projects, such as the Tizert copper project in Morocco, the Boto gold project in Senegal, and a cobalt sulfate project in Morocco.
Meanwhile, Managem’s net consolidated debt rose to MAD 9.14 billion, an increase of MAD1.55 billion since the end of 2023.
Founded in 1928, the company operates in eight African countries. It specializes in the extraction, processing, and commercialization of various minerals, including precious metals like gold and silver, base metals such as copper and zinc, and strategic metals like cobalt.
