Moroccan mining group Managem has reported a near tenfold increase in first half profit, with earnings attributable to shareholders rising to 3.78 billion Moroccan dirhams, approximately $395 million, from 380 million dirhams, or about $40 million, a year earlier, as reported by Business Insider Africa. The Casablanca listed company attributed the sharp increase to stronger gold and copper production, higher metal prices and the ramp up of two major assets, the Tizert copper mine in Morocco and the Boto gold mine in Senegal, both of which reached full production capacity during the first half of 2026. Consolidated revenue more than doubled to 11.76 billion dirhams.
The performance underscores the growing contribution of Managem’s African mining portfolio to its expansion strategy. The company operates across seven African countries and produces gold, copper, silver, cobalt and zinc. Its Boto gold mine in Senegal, which began production in 2025 following a €350 million investment, is designed to produce an average of 160,000 ounces of gold annually during its first three years. In Morocco, the Tizert copper mine has become an important new contributor as global demand for copper continues to be supported by electrification, renewable energy infrastructure and industrial applications.
Managem’s strong first half also highlights how new production capacity can significantly reshape the earnings profile of African mining companies when combined with favourable commodity prices. The company nevertheless reported weaker silver production at its Imiter mine in Morocco and lower output at its Tri K gold operation in Guinea. Managem described the second half of 2026 as a period of consolidation as it seeks to stabilise production from its newly commissioned assets. Controlled by Al Mada, the pan African investment group associated with Morocco’s royal family, Managem’s latest results reinforce its growing role in Morocco’s mining sector and its expanding position across Africa’s gold and critical minerals value chains.
