Group Managem announced Tuesday a 13 percent drop in its sales in the first half of 2019, totaling MAD2.16 billion (USD227.5 million) end of June.
The company attributed the fall in sales to the sharp decline in metal prices in global markets amid an economic slowdown. It noted that copper prices during the same period dropped around 11 percent, while prices of cobalt went down 62 percent and that of Zinc 16 percent, lead 20 percent and silver 9 percent.
The firm said it managed to balance the price drop impact on its revenues by increasing output.
It highlighted that its silver production in Imider Mine, in southern Morocco, increased 35 percent while its cobalt output went up 36 percent. Further, gold production skyrocketed in Manub project in Sudan, following the operation of its new division in February.
Managem’s investments reached MAD798 million (USD84 million) in the first half of 2019, a 25 percent increase from the same period last year. Thirty percent of this investment was directed to develop new metal projects.
The company’s debts rose to MAD3.52 billion (USD370 million), a 28 percent increase from the end of 2018. It was the result of investment expansion efforts, mainly in Sudan’s gold mines.
Moreover, Managem purchased 30 percent of the National Metal Manufacturing and Casting Co.’s capital for USD21 million, enhancing its share in the Guinean company to 84 percent.
