Managem,Moroccan mining group has reported a 27% increase in revenue the first half of 2021. The company’s financial statements revealed that the first half of the year was marked by the start of production at the Tri-K mine in Guinea, which should reach cruising speed in the second half of the year, and the completion of the feasibility study for the Tizert copper project in Morocco.
The first six months of 2021 show a significant increase in its main financial indicators, starting with the group’s consolidated revenues, which stood at MAD 3.01 billion, a 27% increase compared to the same period in 2020.
According to the mining group, this growth is due to a combination of three factors. First is the appreciation of selling prices of all metals worldwide. With the exception of Zinc, all metals have seen a favorable rise in selling prices in the global market, Morocco’s was no exception.
The second factor in Managem’s positive results are also thanks to the group’s marketing of its share of production from the Pumpi copper and cobalt mine in the Democratic Republic of Congo (DRC), operated in partnership with the Wanbao Mining group.
Wanbao Mining’s Pumpi copper and cobalt project in the DRC produced its first batch of copper last year, with projections of producing 40,000 tonnes per year of copper and 5,000 tonnes per year of cobalt.
The project is located in the Kolwezi territory of DRC’s Katanga province and contains five deposits of Pumpi Nord, Pumpi Gare, Pumpi GareSud, Kamassami Simba, and Kamassani Est, with total copper and cobalt resource reserves estimated around 666,000 tonnes and 117,000 tonnes, respectively.
The company largely reached its target, resulting in a positive outcome for the Moroccan mining group. The third factor has been the consolidation of base metal and cobalt production by the Casablanca Stock Exchange listed group, which has allowed for positive outcomes that compensated for declines in earnings on other mineral products.