Managem to increase revenue thanks to gold, copper projects – CEO

Morocco’s largest mining company Managem plans to increase its revenue by 50% from 9 billion dirhams currently, as it plans to increase gold and copper production starting from 2025, the company CEO Imad Toumi said.

The company has resumed gold production in Sudan which represents 15% of its revenue, Toumi told Medias24.

He said the situation was calm in the north of the country where a civil war has led last year to production disruptions.

Managem also plans to start production in Senegal in 2025 following a total investment of 3.5 billion dirhams, he said.

In Morocco, Managem was investing about 4 billion dirhams in its copper mine in Tizert which will help it double its copper production, he said.

The company is also expecting cobalt prices to increase thanks to a growing demand on gigafactories, he said.

These projects would require from 7 to 8 billion dirhams in investments over 2024-2025 period, Toumi said, recalling that shareholders have agreed to raise capital by 3 billion dirhams.