Gold boom fuels Morocco's mining firm to ramp up African projects

Morocco's largest integrated mining operator is moving decisively to scale up its gold business across several African countries, committing $750 million to boost output and strengthen its position in a market shaped as much by geopolitics as by demand.

Managem Group plans to increase gold production by 134%, from 213,000 ounces last year to around 500,000 ounces by the end of the decade, as reported by the Business Insider.

This push follows a year of exceptional performance, with net profit reaching $322 million in 2025—up 384% year-on-year—driven by both higher production and a surge in gold prices.

Gold accounted for more than half of the firm’s earnings, underscoring its central role in Managem’s portfolio. Silver output also rose by 18%, reaching 151 tonnes.

CEO Imad El Tumi emphasized that gold remains at the core of the company’s long-term strategy as it seeks to expand its footprint across the continent.

Managem operates in seven African countries, with key projects including the Gabgaba gold project in Sudan, the Pumpi copper-cobalt project in the Democratic Republic of Congo, the Etéké gold project in Gabon, and the Boto gold project in Senegal.

The Pumpi project, located in Lualaba province in the DRC, spans 25.6 square kilometres and includes 32 operating permits. It is being developed in partnership with Chinese mining firm Wanbao.

In parallel, the company is advancing additional gold projects in Morocco, Guinea, and Côte d'Ivoire, further consolidating its role as a major player in Africa’s mining sector.

According to Morocco World News, Managem’s expansion strategy includes two major gold projects in West Africa.

The Etéké project in Gabon is expected to begin production in late 2028, with an estimated annual output of 60,000 ounces, supported by a $150 million investment.

Meanwhile, the Karita project in Guinea—currently in the feasibility stage—is targeting annual production of 200,000 ounces starting in 2029, backed by a $600 million investment.

Alongside these developments, the company is also pursuing acquisitions of existing gold assets to accelerate production growth.

‘Safe haven’ investment

Global gold prices remain elevated, reaching around $4,600 per ounce in early 2026. As of April 3, prices are hovering near $4,650 per ounce.

Although gold climbed to historic highs above $5,500 in late January 2026, the market recently recorded its sharpest monthly decline since 2008, driven by a stronger US dollar and shifting expectations around interest rates.

Despite this volatility, JPMorgan forecasts that gold could rise to $6,300 per ounce by the end of 2026, supported by continued central bank buying and the prospect of lower US interest rates.

By Nazrin Sadigova