Moroccan mining group Managem reported a spectacular jump in profits for the first half of 2026, with net profit attributable to the group reaching 3.778 billion Moroccan dirhams (approximately $395 million), nearly ten times the 380 million dirhams recorded in the same period of 2025.
The results, approved by the board of directors on September 24 under the chairmanship of Imad Toumi, mark a major leap for Morocco’s largest mining company.
Consolidated revenue more than doubled, rising 166% to 11.764 billion dirhams from 4.422 billion a year earlier. EBITDA more than quadrupled to 6.197 billion dirhams, lifting the operating margin from 33% to 53%.
Operating income climbed to 4.833 billion dirhams from 723 million.
The surge was driven primarily by the ramp-up of the Tizert copper mine in Morocco and the Boto gold mine in Senegal.
Higher prices for copper, gold and other metals provided additional support. Managem operates across seven African countries and produces gold, copper, silver, cobalt and zinc.
The company noted some softer performances elsewhere, including slower silver output at its Imiter mine in Morocco and lower production at the Tri-K gold mine in Guinea.
These were more than offset by the contribution from the new mines.
Managem described the second half of 2026 as a period of “consolidation” as the new assets continue operating at full capacity.
The strong half-year results underscore the impact of years of investment in expanding production capacity across Africa and position Managem for sustained growth amid favorable commodity market conditions.
