Casablanca – Morocco’s Managem Group is accelerating its transformation from a traditional mining operator into a diversified energy and resources player, supported by strong financial performance and the imminent launch of gas production at the Tendrara field in eastern Morocco.

The group confirmed that the Tendrara gas project, one of its most strategic energy investments, is expected to begin commercial production in 2026, with initial sales likely in the third quarter. The project has reached advanced development stages, with key infrastructure already tested, including the gas gathering system and liquefied natural gas (LNG) storage facilities. Despite earlier delays linked to equipment delivery, the project is now in its final phase before full operation.

The first phase of Tendrara is designed to produce around 100 million cubic meters of gas annually over a ten-year period. Plans are already in place to expand production capacity to approximately 400 million cubic meters per year in a second phase, positioning the project as a key contributor to Morocco’s domestic energy supply.

Managem’s growing role in the gas sector follows its acquisition of a majority stake in a subsidiary of a British energy company previously active in gas exploration in Morocco. This move enabled the group to take operational control of the Tendrara project and reflects a broader national strategy aimed at strengthening energy sovereignty and reducing reliance on foreign operators.

The gas produced at Tendrara is expected to be integrated into Morocco’s energy infrastructure, including supply to power generation facilities and industrial users. This development comes at a time of rising global demand for natural gas and continued volatility in international energy markets, driven by geopolitical tensions and supply chain disruptions. In this context, domestic production is seen as a critical lever to stabilize energy costs and ensure supply security.

Alongside its expansion into gas, Managem is also investing in renewable energy. A joint venture project is under development to build solar power capacity of up to 270 megawatts across multiple sites in Morocco. This initiative reflects the group’s intention to combine conventional and renewable energy sources as part of a broader transition strategy, while also reducing reliance on more expensive and carbon-intensive fuels such as diesel.

Beyond energy, the group continues to consolidate its core mining activities, which remain a major driver of growth. In 2025, Managem successfully brought two major projects into production: the Boto gold mine in Senegal and the Tizert copper project in Morocco. Both assets entered the production phase during the year and began contributing to revenues in the final quarter.

These new operations played a central role in the group’s strong financial performance. Revenue increased by 55% in 2025 to reach approximately $1.41 billion, supported by higher output volumes and favorable global prices for gold, copper, and other metals. The Boto and Tizert projects alone generated more than $360 million in additional revenue, highlighting their importance in the group’s growth trajectory.

Operational performance also improved significantly. Consolidated EBITDA rose by 125% to around $617 million, driven by the contribution of new production units and improved cost efficiency. The operating margin increased to 44%, compared to 30% the previous year, reflecting the benefits of scale and optimized operations.

Net profit saw a substantial increase, reaching approximately $309 million, compared to about $64 million in 2024. This sharp rise was supported by the ramp-up of new mining projects and overall strong market conditions, despite some mitigating factors such as currency fluctuations and temporary production declines at certain sites.

In parallel, Managem continued to expand its international partnerships. A new agreement with a Chinese mining company provides for the transfer of an additional stake in the Gabgaba gold project, reinforcing the group’s long-term expansion strategy in gold production.

The company is also positioning itself in future-oriented segments, including battery materials. It is advancing a cobalt sulfate project, the first of its kind in Africa, aimed at supporting the electric vehicle value chain. In addition, Managem plans to invest around $750 million to increase its gold production capacity, further strengthening its financial base.

Looking ahead, the group has outlined a strategic roadmap for the 2026–2030 period focused on geographic expansion, particularly in West Africa, and on aligning its operations with environmental and social standards. Reducing its carbon footprint and supporting the global energy transition are key elements of this strategy.

Managem’s recent developments highlight a significant shift in its business model. By combining mining, natural gas, and renewable energy investments, the group is positioning itself as an integrated industrial player capable of navigating both commodity cycles and the evolving global energy landscape. The expected launch of gas production at Tendrara in 2026 represents a major milestone in this transformation and underscores the growing importance of domestic energy resources in Morocco’s economic strategy.