The mining group Managem announced its financial indicators for the first half of the year, recording a turnover of MAD3.01 billion, which represents an increase of 27% compared to the first half of 2020.
Managem said in a press release today that these positive results are due to a drop in the dollar exchange rate (-7%) as well as the decline in the production of precious metals due to cyclical operational disruptions.
According to the Casablanca Stock Exchange, the mining group’s growth is explained by the combination of three factors, including the appreciation of the selling prices of all metals, the marketing of Managem’s share of production from the mine of copper and cobalt from Pumpi in the Democratic Republic of Congo (DRC), operated in partnership with the Wanbao Mining group, and the consolidation of base metal and cobalt production.
This first semester was marked by the start of production at the Tri-K mine in Guinea as well as the finalization of the feasibility study for the Tizert copper project in Morocco.
The Tizert copper project is located in the province of Taroudant, whose resources are estimated at 600,000 tonnes of copper metal.
The Managem and Wanbao Mining groups are collaborating to develop a large gold project, with a medium-term production target of around 5 tonnes of gold per year, and an investment level of around USD250 million.
It is not these two groups’ first partnership, since they have already signed their first agreement in 2017 for the development of Pumpi, a large-scale mining complex in the Democratic Republic of Congo, targetting the production of 45,000 tonnes of copper and 5,000 tonnes of cobalt per year, whereby the first copper cathodes were produced in September 2020 and the next production of cobalt hydroxides is scheduled for the first half of this year.
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