At a glance
Managem explores for and mines precious and base metals. It produces silver at Imiter, copper in Morocco and gold in West Africa. It is part of the investment fund Al Mada.
History
The group grew around Moroccan mines before expanding into sub-Saharan Africa. Its two latest major projects are the Tizert copper mine in Morocco and the Boto gold mine in Senegal. Both reached nameplate production capacity in the first half of 2026.
Latest published results
In the first half of 2026, consolidated revenue jumped 166% to MAD 11.76 billion, driven by the new mines and higher gold, silver and copper prices. EBITDA reached MAD 6.19 billion, a 53% margin versus 33% a year earlier. Net income attributable to the group was MAD 3.77 billion, compared with about MAD 380 million a year earlier. Silver output at Imiter and gold output at Tri-K declined because of operational difficulties.
What to watch
Ramp-up consolidation at Tizert and Boto, and metal prices, which directly drive revenue.
Key dates
- 1930
The Bou-Azzer cobalt mine opens.
- 1969
Société Métallurgique d'Imiter is created for silver.
- 1996
The ONA holding's mining activities become Managem.
- 2000
Listing on the Casablanca Stock Exchange.
- 2001
The Akka gold mine starts production.
- 2021
Gold production starts at Tri-K in Guinea.
- 2022
Construction starts at the Tizert copper mine; agreement to buy gold assets from IAMGOLD.
- 2023
Acquisition of the gold assets in Senegal completed.
- 2026
Tizert and Boto reach nameplate capacity; half-year revenue of MAD 11.76 billion.
Sources: Le Matin, Managem : le bénéfice bondit à 3,78 milliards de DH au S1 2026, September 25, 2026; AMMC, communiqué Managem du premier semestre 2026, 2026; Managem, notre histoire.
Profile updated on October 29, 2026.