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Mining company Managem reported a significant improvement in its performance for the third quarter of 2025, fueled by the launch of production at two strategic sites: the Boto gold mine in Senegal and the Tizert copper mine in Morocco.
The group announced consolidated revenue of USD 325 million for the quarter, representing a 41% year-on-year increase, despite an 11% decline in the USD/MAD exchange rate, which typically weighs on export earnings.
Managem attributed this strong performance primarily to the beginning of commercial output at the Boto mine, which recorded its first sales during the period. Additional support came from higher global metal prices and the resumption of copper exports from the Pumpi mine in the Democratic Republic of Congo.
From January to September 2025, Managem generated USD 803 million in revenue, up 14% compared to the same period in 2024. The company highlighted robust market conditions and increased sales volumes as key drivers, though it noted that the weaker exchange rate shaved off roughly USD 25 million from potential growth.
Investment activity has also remained substantial. By the end of September, the group had committed USD 473 million, with 63% directed toward finalizing construction at Boto and Tizert. Both sites are now operational and ramping up capacity, with commercial copper sales from Tizert expected in Q4 2025.
Managem is simultaneously moving forward with other flagship projects in Morocco, including a cobalt sulfate plant and the Tendrara gas development, both scheduled to come online in the first half of 2026.
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The company’s consolidated net debt climbed to USD 1.7 billion, a 55% increase from the end of 2024. Managem stated that this rise is consistent with its intensive investment program aimed at completing major projects and advancing new strategic initiatives.
