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Managem Surpasses 10 Billion Dirhams in 2025 Revenue, Up 55% on New Copper & Gold Projects
Managem announced a breakthrough performance for 2025, posting a consolidated revenue of MAD 13.694 billion – a 55 % jump from the previous year and the first time the group has crossed the 10‑billion‑dirham threshold. The surge is driven by the successful ramp‑up of the Boto gold mine in Senegal and the Tizert copper mine in Morocco, together with a favourable metals price environment. Investments reached MAD 5.95 billion, with 73 % earmarked for development projects, while net debt rose to MAD 12.674 billion due to heavy capital spending, albeit showing a decline in the fourth quarter as cash flows from the new mines begin to flow in.
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Revenue Breakthrough
Managem closed 2025 with a consolidated turnover of MAD 13.694 billion, up 55 % from the previous year and crossing the 10‑billion‑dirham mark for the first time in its history.
- The newly‑operational Boto gold mine in Senegal and Tizert copper mine in Morocco together generated more than MAD 3.5 billion of revenue.
- Higher metal prices and the consolidation of silver and copper volumes further boosted earnings, partially offset by a weaker US dollar and a temporary dip in Tri‑K production.
Investment Activity
By the end of December 2025, total investments amounted to MAD 5.95 billion, with nearly 73 % allocated to the Group’s development projects. In the fourth quarter, quarterly investment fell 47 % versus Q3 as the Tizert and Boto projects moved from construction to production.
The Group continues to fund strategic initiatives, notably the cobalt‑sulfate and Tendrara gas projects, slated to start production in 2026.
Debt Position
Net consolidated debt stood at MAD 12.674 billion at year‑end, a 23 % increase over 2024, reflecting the scale of the capital programmes undertaken. However, debt decreased during Q4 thanks to the initial cash‑flows generated by the newly‑started mines.
Managem remains focused on strengthening its financial structure through disciplined debt management and continued investment in high‑value assets.