Rabat– Morocco’s Managem Group is moving decisively to scale up its gold business, committing $750 million to lift production and secure a stronger position in a market driven as much by geopolitics as by demand.
The company plans to increase its gold output by 134%, from 213,000 ounces last year to around 500,000 ounces by the end of the decade. The strategy reflects a clear calculation: higher volumes, combined with sustained high prices, can significantly reshape the group’s financial profile within a relatively short period.
This shift comes after a year of exceptional performance. Net profit reached $322 million in 2025, up 384% year-on-year, supported by both rising production and a sharp increase in gold prices.
Gold alone accounted for more than half of earnings, underlining its central role in the company’s portfolio. Silver output also grew by 18%, reaching 151 tonnes.
The broader market context remains favorable. Gold prices averaged $3,445 per ounce last year, a 44% increase, while silver rose 42% to around $40 per ounce. Recent movements suggest continued volatility, but major institutions such as Goldman Sachs still expect prices to remain elevated, supported by central bank buying and the prospect of lower US interest rates.
Managem’s expansion is not limited to Morocco. The group is advancing two major projects in West Africa, which are expected to play a key role in its production growth.
The Etéké project in Gabon is scheduled to begin production in late 2028, with an estimated annual output of 60,000 ounces and an investment of $150 million. Whereas the Karita project in Guinea is moving through feasibility studies and could deliver 200,000 ounces annually starting in 2029, with planned investment reaching $600 million.
The company is actively seeking stakes in existing gold assets alongside these developments, a move that would allow it to accelerate growth without relying solely on new projects.
Managem is also widening its scope beyond metals. The group recently acquired a controlling stake in Sound Energy Morocco, gaining access to the Tendrara gas field.
Production is expected to begin as early as June, with initial output of around 100 million cubic meters per year. This could rise to 600 million cubic meters by 2029, contributing modestly, around 5%, to group revenues.
This diversification into natural gas reflects a broader shift within the company, which is positioning itself across both traditional mining and energy. It also aligns with Morocco’s efforts to reduce reliance on imported gas, particularly from Spain.
Revenues rose 55% last year to $1.3 billion, and management expects them to exceed $2 billion within two years. The combination of higher production, firm commodity prices, and new revenue streams is expected to sustain this growth.
Over the past few years, Managem has invested $1.2 billion and plans to commit more than $1.5 billion by 2030, focusing on gold, critical minerals, and energy assets. This level of spending signals long-term confidence in both commodity markets and the company’s operational footprint across Africa.
The market has already taken notice. Managem’s valuation has surpassed $10 billion, making it the second-largest listed company on the Moroccan stock exchange. Its share price has doubled since the end of 2024, largely tracking the surge in gold prices.
The company is increasingly no longer simply benefiting from a favorable cycle, but actively positioning itself to shape its next phase of growth. In doing so, Managem reflects a broader shift in Morocco’s economic landscape, where industrial groups are increasingly looking beyond national borders and traditional sectors to secure their future.
