Casablanca – Moroccan mining group Managem reported consolidated revenue of MAD 13.694 billion ($1.369 billion) in 2025, marking a 55% increase compared with MAD 8.86 billion ($886 million) a year earlier and surpassing the MAD 10 billion threshold for the first time in its history.
The strong annual performance was driven by a sharp acceleration in the fourth quarter. Revenue for the final three months of 2025 reached MAD 6.274 billion ($627.4 million), up 170% compared with MAD 2.325 billion ($232.5 million) in the same period of 2024.
The company attributed the surge to the start of production at the Tizert copper project in Morocco and the Boto gold project in Senegal, alongside favorable market conditions characterized by higher metal prices and consolidated output from operating mines.
According to Managem, the launch of Boto and Tizert generated more than MAD 3.5 billion ($350 million) in revenue during the year. Growth was further supported by increased sales volumes of silver and copper.
This positive trend was partially offset by the depreciation of the US dollar and a temporary decline in production at the Tri-K mine.
Read more: Ciments du Maroc Q4 2025 Results Show 6.1% Revenue Growth
Investment spending declined as major development projects reached completion. Capital expenditure stood at MAD 5.95 billion ($595 million) at the end of December 2025, compared with MAD 7.253 billion ($725.3 million) a year earlier.
Nearly 73% of 2025 investments were allocated to development projects. In the fourth quarter alone, capital expenditure fell 47% compared with the previous quarter, reflecting the commissioning of the new production sites.
Net consolidated debt reached MAD 12.674 billion ($1.267 billion) at the end of 2025, representing a 23% increase compared with the previous year, in line with the scale of investments undertaken.
However, debt declined during the fourth quarter, supported by the first cash flows generated from newly commissioned projects.
Managem said it continues to advance strategic projects, including a cobalt sulfate initiative and the Tendrara gas development, both scheduled to enter production in 2026.
Active in seven African countries and employing around 5,000 people, the group operates across the full mining value chain, from exploration to commercialization, with activities focused on gold, base metals and natural gas.
