Managem Group, a leading mining company, has reported a revenue of 4.408 billion dirhams (MMDH) by the end of June 2024, reflecting a 5% increase compared to the same period in the previous year.
This growth comes despite the temporary suspension of polymetallic operations and a decrease in cobalt contributions during the first quarter, the company stated in its financial report.
The positive trend was driven by the appreciation in the prices of gold (+16%), silver (+13%), copper (+14%), and zinc (+6%), along with improved gold production due to the resumption of activities in Sudan and the consolidation of silver production.
For the second quarter of 2024 (Q2-2024), Managem’s revenue reached 2.47 MMDH, an increase of 511 million dirhams compared to the same period last year. This boost is primarily attributed to a significant contribution from gold, resulting from a combination of higher sales volumes and improved gold prices.
Investments made during the first half of 2024 amounted to 2.684 MMDH, with 68% allocated to advancing the construction of the Boto gold project and the Tizert copper project.
Regarding consolidated net debt, it stood at 7.143 MMDH, a decrease of 445 million dirhams from the end of 2023. This reduction is due to a combination of a successful capital increase of 2.985 MMDH, completed on April 14, and significant investment efforts to support the group’s development projects.
