Managem has started 2026 on a high note, with earnings jumping sharply as two major mining projects finally move from construction into production. The Moroccan mining group posted revenue of 5.75bn dirhams in the first quarter, up 147% on the same period last year.
The company said the strong performance was mainly driven by the start of production at the Boto gold mine in Senegal and the Tizert copper project in Morocco, supported by higher metals prices.
These projects also mark the end of a big spending phase for the company. Investment costs dropped 41% to 885m dirhams as major construction work at both sites wrapped up.
Tizert, in the Taroudant region, is now the biggest copper operation in Morocco, with capacity to produce 120,000 tonnes of copper concentrate each year. Boto is an open-cast gold mine designed to process 2.75 million tonnes of ore annually and produce around 160,000 ounces of gold a year.
With both projects now up and running, they are starting to generate cash for the business. Net debt fell by 871m dirhams over the quarter to 11.8bn dirhams at the end of March.
Looking ahead, Managem is investing more than 10bn dirhams in the coming years, with key projects including the Tendrara gas development, due to start operations later in 2026, and a cobalt sulphate plant linked to demand from electric vehicle batteries.
