The profit of this Moroccan mining giant increased tenfold in six months
Managem generated nearly 3.8 billion dirhams in profit in just six months. The group’s two new mines in Morocco and Senegal, buoyed by rising metal prices, have taken it to a new level.
Managem’s net profit attributable to the group reached 3.778 billion dirhams in the first half of 2026, compared with just 380 million dirhams over the same period in 2025. In one year, the Moroccan mining group’s profit thus increased almost tenfold.
This spectacular growth is reflected in the financial statements approved by Managem’s board of directors on September 24. It was also noted by Reuters in a dispatch published by Mining Weekly.
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Consolidated revenue totaled 11.764 billion dirhams, compared with 4.422 billion a year earlier, an increase of 166%. EBITDA more than quadrupled to 6.197 billion dirhams. The operating margin thus rose from 33% to 53%.
Two new mines take Managem to a new level
This surge is mainly driven by the ramp-up of the Tizert copper mine in Morocco and the Boto gold mine in Senegal. Both sites reached their nominal production capacity during the first half of the year, after several years of investment.
The group also benefited from rising international prices for gold, silver and copper. These favorable conditions amplified the effect of increased production volumes. However, results did not improve everywhere: silver production at the Imiter mine and gold production at the Tri-K site declined because of operational difficulties.
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Managem’s operating income now stands at 4.833 billion dirhams, compared with 723 million in the first half of 2025. Net profit growth was nevertheless slightly held back by the increase in the tax burden and the share of earnings attributable to minority shareholders.
In its financial statement, Managem says it has entered a new phase in its development. Following the start of production at Tizert and Boto, the group intends to spend the second half of 2026 consolidating this new scale.
Operating in seven African countries and employing around 5,000 people, Managem produces gold, silver, copper, cobalt and zinc, among other metals. The group, majority-owned by Al Mada, has also recently expanded its activities into natural gas.
