Morocco’s Managem to raise capital to finance expansion plans

Morocco’s biggest mining company Managem plans to raise 3 billion dirhams (300 million dollars) to finance its expansion plans in Morocco and Africa.

The company said the capital increase will take place between March 14 and April 2 as it braces to start production at a gold project in West Africa known as Tri-K, with an output potential of four tons.

The new financing would also help the firm make progress with its Sudan gold mines, where it cooperates with Wanbao mining to increase production for a total investment worth 7.32 billion dirhams.

Concerning copper, the company plans to increase activity in its Tizert mine while tapping into the Bou-Azzer assets.

In January, Managem said it 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 is also expecting cobalt prices to increase thanks to a growing demand on gigafactories.