Morocco’s Managem wants to raise $200 million to finance its development plans

Moroccan mining company Managem announced that it will be raising 200 million dollars by selling non-convertible bonds to finance its development plans, Reuters reports.

The company said in a statement that the terms and conditions of this decision will have to be «approved» by its general assembly in May.

According to the same source, Managem revealed in March that its revenue for 2018 fell by 16 percent to 4.35 billion dirhams. This drop was caused by the falling prices of metal on the international market and the closure of one of its gold mines in Gabon.

Currently operating in Morocco, the Democratic Republic of the Congo, Ethiopia, Gabon, Guinea Conakry, Ivory Coast, Mali and Sudan, Managem started operating since 1930 in the extraction of metals.