From gold to gas: Managem diversifies and delivers in Q1

Morocco’s leading mining conglomerate, Managem, announced on Monday a 20% year-on-year increase in first-quarter revenue, reaching 2.32 billion dirhams ($250 million). 

The growth was largely fueled by higher global prices for gold, silver, copper, and cobalt, the company said in a statement.

The Casablanca-listed group made investments totaling 1.5 billion dirhams during the first three months of 2025, with 65% allocated to its Tizert copper mine in Morocco and the Boto gold project in Senegal. Both sites are expected to reach commercial production in the second half of the year.

Managem is steadily expanding its portfolio. In 2024, the company entered the natural gas sector by acquiring Sound Energy’s assets in eastern Morocco, a strategic diversification beyond metals.

However, the company's debt rose to 11.9 billion dirhams by the end of March 2025, a 13.6% increase compared to December 2024 — reflecting its aggressive capital investment strategy.

In the previous year, Managem posted annual revenue of 8.85 billion dirhams, up 18%, and a net profit of 620 million dirhams, a 17% rise from 2023.

With strong commodity tailwinds and upcoming production milestones, Managem remains on an ambitious trajectory, cementing its role as a key player in Africa’s mining and energy landscape.