Managem’s Ambitious Gold Production Expansion in Africa
Managem is embarking on a significant expansion plan aimed at more than doubling its gold production from an impressive 213,000 ounces in 2025 to an ambitious 500,000 ounces by 2030. This initiative follows a remarkable 384% rise in net profit, which surged to $322 million in 2025, largely driven by escalating gold prices.
King Mohammed VI: A Driving Force Behind Economic Growth
At the heart of Morocco’s economic strategy is King Mohammed VI. With an estimated net worth of $5 billion, he is steering the nation’s future through strategic investments, including key projects in the mining sector spearheaded by Managem.
Managem: A Dominant Player in Africa’s Mining Sector
Valued at over $10 billion, Managem is positioning itself as a powerhouse in the quickly evolving African mining landscape. CEO Imad El Tumi emphasizes that the company’s gold production remains pivotal to its strategy as it plans to expand its operations across the continent.
Operations Across Seven African Countries
Managem’s operational footprint spans seven African nations, with flagship projects like the Gabgaba gold project in Sudan and the Pumpi copper-cobalt project in the Democratic Republic of Congo (DRC). Other significant endeavors include the Etéké gold project in Gabon and the Boto gold project in Senegal.
The Pumpi project, located in the Lualaba province of DRC, encompasses 25.6 km² and boasts 32 operating permits. It is being developed in partnership with Wanbao, a prominent Chinese mining company.
Managem is also advancing its gold projects in Morocco, Guinea, and Côte d’Ivoire, thus solidifying its status as a major force in the African mining industry.
Gold Surge Fuels Profit Growth
In 2025, Managem experienced a 26% increase in gold production, benefiting from a 44% spike in gold prices, which averaged $3,445 per ounce. The metal contributed over half of the company’s revenue, facilitating a 55% rise in earnings to $1.3 billion.
Additionally, silver production saw an 18% increase, with silver prices also rising by 42%, hitting $40 per ounce. With projections indicating that revenue could exceed $2 billion in the next two years, the company anticipates continued growth driven by increased production and favorable gold prices.
Strategic Expansion Across Africa
As reported by Morocco World News, Managem’s expansion plans include major gold projects in West Africa. The Etéké project in Gabon is scheduled to begin production in late 2028, with an anticipated output of 60,000 ounces per year and an investment of $150 million.
Furthermore, the Karita project in Guinea, currently in its feasibility stage, aims to produce 200,000 ounces annually starting in 2029, backed by a $600 million investment. Alongside these developments, Managem is actively pursuing acquisitions of existing gold assets to bolster its production capacity.
Geopolitical Context and Market Outlook for Gold
As of early 2026, global gold prices are favorable, trading around $4,650 per ounce. Although there has been volatility, including historic highs above $5,500 in late January 2026, recent trends show a decline driven by a stronger U.S. dollar and shifting interest rate expectations.
Despite these fluctuations, financial institutions like JPMorgan forecast gold prices could surge to $6,300 per ounce by the end of 2026, bolstered by central bank buying and declining U.S. interest rates. Managem’s robust investments align with these promising conditions, setting the stage for future growth in a strong gold market.
In conclusion, Managem’s strategic initiatives and remarkable growth trajectory underscore its commitment to becoming a leading player in Africa’s mining sector while capitalizing on favorable gold market conditions.
