{"id":88344,"date":"2024-12-02T00:00:00","date_gmt":"2024-12-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/12\/02\/moroccos-managem-sees-its-revenues-jump-21-y-o-y-in-3q-2024\/"},"modified":"2024-12-02T00:00:00","modified_gmt":"2024-12-02T00:00:00","slug":"moroccos-managem-sees-its-revenues-jump-21-y-o-y-in-3q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/12\/02\/moroccos-managem-sees-its-revenues-jump-21-y-o-y-in-3q-2024\/","title":{"rendered":"Morocco\u2019s Managem sees its revenues jump 21% y-o-y in 3Q 2024"},"content":{"rendered":"

Managem\u2019s <\/strong>revenues jump in 9M:<\/strong> Moroccan mining company Managem Group<\/a> reported a 10% y-o-y increase in revenues to MAD 6.53 bn (c. USD 653.9 mn) in the first nine months of 2024, according to a statement to the Casablanca Stock Exchange<\/a>(pdf)<\/a> last week. The company also recorded a 21% y-o-y revenue growth to MAD 2.1 bn (c. USD 201.3 mn) in 3Q 2024. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Behind the numbers:<\/strong> The 3Q growth was primarily driven by increased sales volume, assets sales, the first-time commercialization of Managem\u2019s production share from the Pumpi copper project in the Democratic Republic of Congo, and price hikes in key metals, mainly gold, silver, and copper.<\/p>\n

Managem has big plans:<\/strong> The company \u2014 active in six other African countries besides Morocco \u2014 allocated MAD 4.26 bn (c. USD 426.6 mn) to new projects by the end of September, around 73% of which were directed toward under-construction projects, including the Tizert copper project and a cobalt sulfate project in Morocco, as well as the Boto gold project in Senegal, according to the statement. The company currently has a portfolio of 16 projects, whether operations, under construction, or in the exploration phases, according to its website. <\/p>\n

It\u2019s been a rocky road:<\/strong> The improved performance came despite a 33% drop in cobalt prices, which had previously impacted the company\u2019s production and revenues earlier this year, Morocco World News<\/a> reports. Managem reportedly had to cut cobalt production from its Bou-Azzer mine to conserve resources as prices went down, contributing to a 13% y-o-y revenue drop in 1Q this year, according to a separate Morocco World News<\/a> report earlier this year.<\/p>\n

Big swings recently: <\/strong>Managem sold 100% of its subsidiary Compagnie Mini\u00e8re d\u2019Oumejrane \u2014 which operates the Oumejrane copper mine<\/a> in Morocco \u2014 to UK\u2019s MetalNRG for USD 32 mn last June, according to a statement (pdf)<\/a>. The sale would allow the company to focus on its major projects, Managem CEO Imad Toumi said at the time. Managem Group also finalized the sale of its wholly-owned subsidiary SAMINE to Australian group Atlantic Tin's Moroccan subsidiary Titan Tin, according to a press release (pdf)<\/a>. <\/p>\n

The company will also begin supplying the major French automotive player Renault with around <\/strong>5k tons of low-carbon cobalt<\/a><\/strong> starting next year for a period of seven years.<\/strong> The agreement \u2014 signed in the summer of 2022 \u2014 would support Renault\u2019s goal to achieve a 35% reduction in EV batteries\u2019 emissions by 2030, the company said then. <\/p>\n

REFRESHER-<\/strong> The company said in 2023 that it planned to increase its capital<\/a>investments<\/a> across mining operations in Morocco and Africa threefold from MAD 999 mn (c. USD 100 mn) to MAD 3.9 bn (c. USD 390.6 mn).<\/p>\n","protected":false},"excerpt":{"rendered":"

The growth was driven by higher metal prices and increased sales volumes<\/p>\n","protected":false},"author":1,"featured_media":88345,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[106],"tags":[107,105,11,196,45],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-critical-minerals","tag-earnings-watch","tag-enterpriseclimate","tag-mining","tag-morocco","wpautop","entry"],"acf":{"mongo_id":"0c17b681-67e6-4c07-a723-3bc2b500ccef","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/123.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Morocco\u2019s Managem sees its revenues jump 21% y-o-y in 3Q 2024","related_issue":[88330],"teaser":"The growth was driven by higher metal prices and increased sales volumes","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.b0cb07da-9103-4f70-8ba0-fb53344bdec5.mp3"},"yoast_head":"\nMorocco\u2019s Managem sees its revenues jump 21% y-o-y in 3Q 2024 - 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