Morocco’s mining company Managem says its revenue jumped sharply in 2025 as new gold and copper mines started operating and metal prices went up.
The group made 13.69bn dirhams in 2025, up 55% from the year before. It is the first time the company has earned more than 10bn dirhams in a single year.
In the last three months of the year alone, revenue was 170% higher than in the same period in 2024. Managem said the big rise came after production began at the Tizert mine in Morocco and the Boto project in Senegal.
The group has signed deals with carmakers such as Renault and BMW as part of its cobalt sulphate project, which will supply materials used in electric car batteries.
Together, the two projects brought in more than 3.5bn dirhams in 2025. The company also benefited from higher global prices for gold and copper, and from selling more silver and copper. However, a weaker US dollar and a temporary drop in output at the Tri-K mine in Guinea slightly reduced overall gains.
By the end of December, Managem had invested a total of 5.95bn dirhams, with most of the money going into development projects. Investment spending fell by 47% in the final quarter, mainly because the Tizert and Boto projects had been completed and were already producing.
Net debt reached 12.67bn dirhams at the end of 2025, up 23% from a year earlier, reflecting the scale of recent investments. But debt fell in the last quarter as the company began to receive its first cash returns from the new mines.
Managem said it is still moving ahead with other key projects, including cobalt sulphate and the Tendrara gas development, both expected to start production this year.
