Managem Group, a leading player in Africa’s mining industry, has reported significant growth for the first nine months of 2024. With a strategic focus on precious metals and those critical to the energy transition, the group achieved a consolidated turnover of 6.535 billion dirhams, a 10% increase compared to the same period in 2023. This growth highlights the group’s ability to adapt to shifting global commodity markets and seize emerging opportunities.
In the third quarter of 2024, revenue saw a sharp rise of 21%, driven by increased sales of gold and silver and the commercial success of Pumpi’s operations in the Democratic Republic of Congo. This performance was buoyed by rising metal prices, with gold up 17%, silver up 14%, and copper up 15%. However, gains were partially offset by a steep 33% decline in cobalt prices and a slight 2% depreciation of the USD/MAD exchange rate.
By the end of September 2024, Managem had invested 4.26 billion dirhams, more than double the previous year. These investments were channeled into key construction projects, including the Tizert copper project in Morocco, the Boto gold project in Senegal, and a cobalt sulfate production unit in Morocco. The latter is particularly strategic, given its importance for electric vehicle battery production. These developments position Managem as a leader in energy transition metals, aligning with the growing global push toward electrification.
The group’s consolidated net debt reached 9.143 billion dirhams, an increase of 1.555 billion compared to the end of 2023. This reflects the steady progress of ongoing projects while remaining in line with Managem’s strategic goals. The ability to secure significant financial resources underscores investor confidence in the group’s long-term growth potential.
With operations spanning seven African countries and a diversified portfolio of precious and base metals, Managem continues to be a driving force in Africa’s mining sector. The group’s commitment to responsible mining is reflected in its adherence to international standards for governance, environmental protection, and social practices.
Backed by its majority shareholder, Al Mada, and its “Positive Impact” signature, Managem is steadfast in its mission to contribute to the global energy transition while fostering lasting positive change for the communities and regions it operates in.
As global demand for strategic metals continues to grow, Managem is well-positioned to capitalize on these opportunities with its promising project pipeline and ambitious investment strategy. The coming months will be critical for turning these ambitions into reality and cementing its status as a leading African mining powerhouse.
