Managem records 81% increase in turnover
Moroccan mining company, Managem announced it has recorded a turnover increase of 81% in the first half of 2022.
The firm reached MAD 5.5 billion ($534 million) in the first half of 2022, indicating a remarkable increase compared to the same period last year. During the second quarter of 2022, the mining giant recorded “strong growth,” resulting in MAD 2.6 billion ($253 million) in turnover, an increase of 52% compared to the same period in 2021.
Managem attributes the positive growth to “the contribution of the Tri-K mine in Guinea in the turnover of the second quarter of 2022 with 33%.” In addition, the consolidation of precious and base metals production contributed to rising metal prices, resulting in higher income for the mining company. The +9% appreciation of the US dollar to the Moroccan Dirham exchange rate has also contributed to the growth of Managem’s turnover.
Managem’s investments during the first half of 2022 reached MAD 956 million ($93.3 million), a decrease in comparison to the same period last year, “mainly following the completion of construction work on the Tri-K project,” indicated the same source.
The Trik-K mine in Guinea is the Moroccan mining group’s largest gold project. It is projected to produce 130,000 ounces of gold each year. The mining company’s net consolidated debt stood at MAD 4.2 billion ($410 million), down MAD 140 million ($13.6 million) compared to the end of 2021.
Established in 1928, Managem is Morocco’s largest mining company and it is present in nine African countries. Managem is an “integrated mining player with expertise along the entire value chain,” including the exploration, extraction, and processing of ores.
