2024-03-21 22:30:47
As part of its development strategy, the Group has set a global investment envelope of 17.4 billion dirhams for the 2023-2026 target.
If in 2023, Managem demonstrated strong resilience thanks to its fundamentals despite exogenous disruptions and an unstable international geopolitical context, 2024 marks a transition for the Group to consolidate its operational performance on existing activities and finalize the development of major projects in the strategic plan 2025. The group will continue construction work on the Tizert, Boto and Cobalt Sulfate projects during the year, with a view to starting commercial production in the second half of 2025. These ambitions were shared by Imad Toumi, CEO of Managem during a conference held Thursday in Casablanca for the announcement of the Group’s annual results for the 2023 financial year.
As part of its development strategy, the Group has set a global investment envelope of 17.4 billion dirhams for the 2023-2026 target. Of this envelope, 11 billion dirhams are dedicated to strategic projects. Let us cite in this sense the Tizert unit (4.7 billion dirhams) and the Boto Gold project (6.7 billion dirhams). “To support the Group’s strategic plan and the financial structuring of projects, a total capital increase of 3 billion dirhams was launched with a capital injection (New cash) of 1.5 billion dirhams,” recalls the Management of the Group on this.
Thanks to this transformation initiated, Managem would reach a new level in its development in 2030. The Group should ultimately initiate a new strategic shift allowing it to assert its position as regional leader in Africa in gold activities, particularly with three major acquisitions. . “In the long term Managem aims to position itself as a major African gold player with a dynamic and diversified portfolio on the African continent and a production objective of 500,000 0z”, we learn in this sense. And to specify that “this roadmap would make it possible to reach 7 billion dirhams in annual turnover from 2025 with a capex requirement of 8 billion dirhams by 2026”.
The group also aspires to jump on the energy transition bandwagon. To do this, the Group will capitalize on its strengths to position itself downstream in its value chain. Referring to Group Management, Managem holds a portfolio of essential metals for the transition. The group could also consider expanding downstream in the value chain by improving the level of processing. Managem would also benefit from its proximity to European end markets by relying on free trade agreements between Morocco, the European Union and the United States as well as one of the most favorable business environments in the region.
The Group would also capitalize on the emerging Moroccan ecosystem in the automotive and battery sectors in order to capture market opportunities and rely on the country’s potential in green electricity to ensure low-cost production. competitive carbon. Through its “Managreen” entity, Managem also formulates a major ambition to position Africa as a major supplier of critical metals, processed in a responsible and sustainable manner for the energy transition.
It should be remembered that Managem presented solid fundamentals in 2023 in a very degraded price environment for Cobalt and base metals. The Group achieved a turnover of 7.5 billion dirhams at the end of 2023, down 22% year-on-year. This decline is due to the strong negative impact of the drop in metal sales prices. We also note a drop of 40% for Cobalt, compared to 24% for Zinc and 8% for copper. Added to this is also the drop in volumes sold in Gold due to the suspension of activity in Sudan and external disruptions to operations at the Tri-K mine in Guinea. The gross operating surplus stood at around 2.39 billion dirhams, down by 954 million dirhams. The operating profit, for its part, reached 1 billion dirhams, down 968 million dirhams compared to 2022, thus reflecting the evolution of the gross operating surplus. The financial result, for its part, fell by 233 million dirhams due to the increase in debt and the translation difference linked to the fall in the dollar at the end of the year. The Group’s share of net income stood at 514 million dirhams, down 1.1 billion dirhams, following the drop in operating income and financial income as well as the drop in the share in the results of equity-accounted companies (LAMIKAL) of -252 million dirhams mainly due to the fall in the price of Cobalt.
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