Moroccan mining group Managem reported a record turnover of 13.7 billion dirhams in 2025, up 55% from a year earlier, driven by surging gold prices and the start-up of two major projects, the company said.
The performance marks the highest revenue level in the group’s history and confirms the rebound initiated after a weaker 2023, the company said in a financial statement.
The results come amid a sharp rise in global commodity prices, with gold topping $5,000 an ounce for the first time in January.
Managem benefited from the favourable market backdrop but also from higher sales volumes of silver and copper, long-standing pillars of its portfolio.
The group has been reshaping its strategy since 2024 to increase exposure to gold and so-called critical minerals, in line with global supply-chain shifts linked to the energy transition.
Two flagship assets entered production in 2025. The Boto gold mine in Senegal, acquired in 2022 from Canada’s IAMGOLD for an investment of €350 million. This mine aims to produce around five tonnes of gold a year and holds estimated reserves of 1.8 million ounces. The site includes an open-pit operation, a processing plant, a 23-MW power station, a dam and an airstrip.
In Morocco, the Tizert copper mine in Taroudant province began operations at the end of July after a 4 billion-dirham investment (€370 million). With annual capacity of 120,000 tonnes of concentrate, it is now the country’s largest copper operation and will be paired with a smelter project developed with OCP.
Together, Boto and Tizert generated 3.5 billion dirhams in revenue last year, underscoring their growing weight in the group’s results.
In 2024, the Casablanca-listed company completed the $45.2 million acquisition of Sound Energy Morocco East Ltd, marking Managem’s entry into the natural-gas sector. Production began in December at the Tendrara wells in eastern Morocco, with initial output of 100 million cubic metres per year and a long-term target of 530 million cubic metres.
