Morocco’s Managem to produce gold in Guinea by second half of 2021

The production of gold in a Managem mine in Guinea will start by the second half of the this year, the Moroccan mining company’s chief executive Imad Toumi said.

According to Reuters, the Guinea mine, known as Tri-Ki, is expected to produce 140,000 ounces of gold a year. «Managem operates a diversified and balanced portfolio including precious metals, base metals and cobalt, making the Group more resilient to fluctuations in metals price», Toumi said.

The Moroccan company operates another gold mine in Sudan, where it has partned with China’s Wanbao to increase production to five tonnes of gold annually.

«Gold currently accounts for 20% of the firm's turnover», Toumi said, adding that Managem «hopes to increase that share to 50%».

In Morocco, Managem has just conducted a feasibility study to develop a copper and silver project in Tizert. The latter is expected to produce 120,000 tonnes of copper concentrate a year.

«The company posted a profit of 225 million dirhams ($61.2 mln) last year after a loss of 427 million dirhams a year earlier», the same source added.

This growth comes of «the good performance of production volumes of base metals and the increase of precious metal prices», Toumi concluded.