Moroccan miner Managem lowers cobalt production due to plummeting prices

Managem, a Moroccan mining company, said it lowered cobalt production at its Bou Azzer mine due to falling prices, as it reports a drop in first quarter revenue.

The company opted for “preserving resources” in this low prices context, it said in a statement, noting a 13% drop in first quarter revenue.

Cobalt is a critical mineral in energy transition and a key component of electric batteries.

Managem also reported a “temporary halt” at its Guemassa mine, as it pursues works to protect against earthquake.

It said low cobalt sales were compensated by higher gold, copper and silver prices.

Managem has previously announced a resumption of gold production in its Sudan mine.

it successfully raised 3 billion dirhams (300 million dollars) in April to finance its expansion plans in Morocco and Africa.

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.