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Managem’s revenues jump in 9M: Moroccan mining company Managem Group reported a 10% y-o-y increase in revenues to MAD 6.53 bn (c. USD 653.9 mn) in the first nine months of 2024, according to a statement to the Casablanca Stock Exchange (pdf) last week. The company also recorded a 21% y-o-y revenue growth to MAD 2.1 bn (c. USD 201.3 mn) in 3Q 2024.
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Behind the numbers: The 3Q growth was primarily driven by increased sales volume, assets sales, the first-time commercialization of Managem’s production share from the Pumpi copper project in the Democratic Republic of Congo, and price hikes in key metals, mainly gold, silver, and copper.
Managem has big plans: The company — active in six other African countries besides Morocco — allocated MAD 4.26 bn (c. USD 426.6 mn) to new projects by the end of September, around 73% of which were directed toward under-construction projects, including the Tizert copper project and a cobalt sulfate project in Morocco, as well as the Boto gold project in Senegal, according to the statement. The company currently has a portfolio of 16 projects, whether operations, under construction, or in the exploration phases, according to its website.
It’s been a rocky road: The improved performance came despite a 33% drop in cobalt prices, which had previously impacted the company’s production and revenues earlier this year, Morocco World News reports. Managem reportedly had to cut cobalt production from its Bou-Azzer mine to conserve resources as prices went down, contributing to a 13% y-o-y revenue drop in 1Q this year, according to a separate Morocco World News report earlier this year.
Big swings recently: Managem sold 100% of its subsidiary Compagnie Minière d’Oumejrane — which operates the Oumejrane copper mine in Morocco — to UK’s MetalNRG for USD 32 mn last June, according to a statement (pdf). The sale would allow the company to focus on its major projects, Managem CEO Imad Toumi said at the time. Managem Group also finalized the sale of its wholly-owned subsidiary SAMINE to Australian group Atlantic Tin’s Moroccan subsidiary Titan Tin, according to a press release (pdf).
The company will also begin supplying the major French automotive player Renault with around 5k tons of low-carbon cobalt starting next year for a period of seven years. The agreement — signed in the summer of 2022 — would support Renault’s goal to achieve a 35% reduction in EV batteries’ emissions by 2030, the company said then.
REFRESHER- The company said in 2023 that it planned to increase its capital investments across mining operations in Morocco and Africa threefold from MAD 999 mn (c. USD 100 mn) to MAD 3.9 bn (c. USD 390.6 mn).
