KEY POINTS
- Managem’s first-half profit jumped to 3.778bn dirhams from 380m dirhams.
- Revenue more than doubled to 11.76bn dirhams.
- Tizert copper and Boto gold mines reached full production capacity.
Morocco’s largest mining group, Managem, reported a sharp increase in first-half profit as stronger commodity prices and higher production from its new mines boosted its financial performance.
Managem said profit attributable to shareholders rose to 3.778 billion Moroccan dirhams ($395 million) in the first six months of 2026, compared with 380 million dirhams recorded during the same period a year earlier.
The result represents a substantial increase in earnings, reflecting the combined impact of higher metal prices and increased production across some of the company’s key operations.
Managem attributed the strong performance particularly to copper and gold, which benefited from favourable market prices and increased output.
The company said its newly developed Tizert copper mine in Morocco and Boto gold mine in Senegal were operating at full production capacity during the first half of the year.
The ramp-up of the two operations has become an important driver of Managem’s production growth, allowing the company to benefit more directly from stronger copper and gold prices.
Tizert is one of Managem’s major copper projects in Morocco, while Boto expands the group’s gold production footprint in Senegal.
Managem operates mining activities across seven African countries, giving it exposure to several major commodities and mining markets on the continent.
Revenue more than doubles
The improved production and pricing environment also translated into a significant increase in revenue.
Managem reported consolidated revenue of 11.76 billion dirhams for the first half of 2026, more than double the figure recorded a year earlier.
The revenue increase underscores the impact of both higher commodity prices and the contribution from the company’s expanding production base.
Gold and copper have been particularly important to the group’s recent growth as Managem continues to expand and develop its African mining portfolio.
Despite the strong overall performance, production was weaker in some of Managem’s existing operations.
The company reported a slowdown in silver production at its Imiter mine in Morocco. Production also declined at the Tri-K gold mine in Guinea.
The weaker output from those operations partly contrasted with the stronger performance from the Tizert and Boto projects, highlighting differences in production levels across Managem’s mining portfolio.
Managem said it expects the second half of 2026 to represent a period of “consolidation” following the strong performance recorded during the first six months.
The company’s first-half results come as mining companies continue to benefit from movements in precious and base-metal prices, while new production capacity provides an additional boost to earnings.
Managem’s performance also reflects the growing importance of its operations outside Morocco, particularly as projects in Senegal and other African markets contribute more significantly to group production and revenue.
