Managem Group to Invest $750 Million to Boost Gold Production by 134% by 2030

Morocco's Managem Group, owned by Al Mada, the royal family's investment arm under King Mohammed VI, has announced a $750 million investment aimed at increasing its annual gold production by 134% to 500,000 ounces by 2030. This decision follows a substantial 384% rise in net profit, reaching $322 million in 2025, driven by a 44% increase in gold prices, which averaged $3,445 per ounce that year.

CEO Imad El Tumi emphasized that gold production remains central to the company's 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 the Lualaba province of the DRC, covers 25.6 km² with 32 operating permits and is being developed in partnership with Chinese miner Wanbao.

In addition to these initiatives, the company is advancing gold mining projects in Morocco, Guinea, and Côte d'Ivoire, strengthening its position as a major player in Africa's mining industry. The Etéké project in Gabon is slated to begin production in late 2028, with an estimated output of 60,000 ounces per year, backed by an investment of $150 million. Additionally, the Karita project in Guinea, currently in the feasibility stage, aims to produce 200,000 ounces annually starting in 2029, with an investment of $600 million.

In 2025, Managem's gold production rose 26%, capitalizing on the surge in gold prices. Gold alone accounted for more than half of the company's earnings, contributing to a 55% rise in revenue to $1.3 billion. Silver production also saw an 18% increase, with silver prices up 42%, reaching $40 per ounce. The company expects its revenue to exceed $2 billion within the next two years, driven by both higher production and sustained gold prices.

Global gold prices are currently favorable, with prices reaching $4,600 per ounce in early 2026. As of April 3, 2026, gold spot prices are trading near $4,650 per ounce. While the metal reached historic highs exceeding $5,500 in late January 2026, the market recently experienced its sharpest monthly decline since 2008, driven by a stronger U.S. dollar and shifting expectations around interest rates. Despite recent fluctuations, JPMorgan forecasts that gold could rise to $6,300 per ounce by the end of 2026, supported by central bank buying and lower U.S. interest rates.

Managem's investments are aligned with these favorable conditions, positioning the company for further growth in a strong gold market.