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Morocco: Managem Turnover Drops after Metals Decline

Managem announced its turnover for the first half of 2019 has declined after the average price of cobalt dropped 62 percent. (AP)
Managem announced its turnover for the first half of 2019 has declined after the average price of cobalt dropped 62 percent. (AP)
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Morocco: Managem Turnover Drops after Metals Decline

Managem announced its turnover for the first half of 2019 has declined after the average price of cobalt dropped 62 percent. (AP)
Managem announced its turnover for the first half of 2019 has declined after the average price of cobalt dropped 62 percent. (AP)

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.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.