Morocco’s leading mining company, Managem, announced its turnover for the first half of 2019 has declined after the average price of cobalt dropped 62 percent.
The company issued a statement saying it expects the average turnover to drop $31.6 million, and net profits will decline $49.5 million compared to same period last year, following the price drop of precious metals, such as cobalt, zinc and copper.
The company aims to mitigate these negative changes in the second half of 2019 by expanding its gold production capacity in Sudan. The company will also increase its silver production by 35 percent in Imider mines and cobalt production by 36 percent.
Managem also has an important portfolio of projects under development in West Africa, including the massive copper production project in Congo in partnership with the Chinese mineral group Wanbao with an investment of approximately $580 million, which will come into production in 2021.
The company is also preparing to launch a major copper production project in the Tiznit region in 2023.
In the field of gold production, Managem will soon begin operations in Trika’s Guinea, which is nearing completion of construction, with an estimated production capacity of 3.5 tons per year.
The company also issued a feasibility study regarding the Atiki project in Gabon, which has an estimated production capacity of 1.5 tons per year.
In parallel, Managem has launched a series of activities, including investing in recycling used batteries for cobalt extraction and treating wastes of Imider silver mines.
