Hibapress
The turnover of the mining group Managem stood at 4.408 billion dirhams (MMDH) at the end of June 2024, up 5% compared to the same period a year earlier.
This increase comes “despite the impact of the temporary suspension of polymetallic operations and the drop in the contribution of cobalt in the first quarter”, the group indicates in a press release on its financial indicators.
This positive development is marked by the appreciation of the price of gold (+16%), silver (+13%), copper (+14%) and zinc (+6%), the improvement of gold production thanks to the resumption of activities in Sudan as well as the consolidation of silver production, explains the same source. In Q2-2024, Managem’s turnover stood at 2.47 billion dirhams, up 511 million dirhams (MDH) compared to the same period of the previous year.
This development is mainly due to a greater contribution from gold, resulting from a combined effect of the increase in volumes sold and the improvement in the price of gold. In addition, investments made during the first half of 20234 amount to 2.684 billion dirhams, 68% of which are devoted to the progress of construction work on the Boto gold project and the Tizert copper project.
Regarding the consolidated net debt, it stood at 7.143 billion dirhams, down 445 million dirhams compared to the end of 2023, due to the combined effect of the capital increase for an amount of 2.985 billion dirhams, which was successfully closed on April 14, and the group’s significant investment efforts to support development projects.
