Managem Group, a Moroccan pan-African mining group, reported strong financial results in the first nine months of 2024, with consolidated revenues rising by 10% year-on-year to MAD 6.5 billion (USD 650 million).
The positive results are driven by surging precious and base metal prices and increased sales volumes.
Gold prices jumped 17%, silver rose 14%, and copper climbed 15%, bolstering the group’s revenue. The gains offset the sharp 33% decline in cobalt prices and a slight 2% drop in the USD/MAD exchange rate.
In Q3 alone, Managem’s revenue soared 21% year-on-year to MAD 2.1 million (USD 210 million).
The quarterly growth stemmed largely from a rebound in precious metal sales, including gold and silver, and the contribution of production from the Pumpi project in the Democratic Republic of Congo.
By September 2024, Managem had significantly increased its capital expenditures to MAD 4.2 billion (USD 420 million), marking a substantial MAD 2.4 billion increase compared to the same period last year. During Q3 alone, investments reached MAD 1.5 billion (USD 150 million).
Notably, 73% of these funds supported ongoing construction projects. These included the Tizert copper project in Taroudant Morocco, the Boto gold project in Senegal, and the cobalt sulfate project in Morocco, which are central to the company’s growth strategy.
Managem’s net debt increased by MAD 1.5 billion (USD 150 million) since the end of 2023, reaching MAD 9.1 billion (USD 910 million).
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