Casablanca – Moroccan mining group Managem recorded a sharp increase in revenue during the first half of 2026, supported by the ramp-up of its Tizert copper mine in Morocco and Boto gold mine in Senegal, as well as higher international metal prices. Consolidated revenue reached about $1.21 billion in the six months to the end of June, compared with approximately $456 million during the same period of 2025, representing year-on-year growth of 166%.

The performance marks the first time Managem has generated more than $1.1 billion in revenue during a first-half period. It also reflects the growing contribution of assets that entered production after several years of development and significant investment.

Tizert and Boto are at the center of this change. Tizert is a major copper project in Morocco, while Boto is a gold operation in Senegal. Both projects reached their nominal production capacities during the first half of 2026, increasing their contribution to the group’s overall output and sales.

The increase in production coincided with a favorable environment in international metals markets. Higher prices provided additional support to revenue, while Managem’s established mining operations continued to perform positively. The combination of higher volumes from the newer projects, stable production from existing assets and stronger metal prices resulted in a significant increase in consolidated sales.

The acceleration was particularly visible during the second quarter. Managem generated slightly more than $618 million in revenue between April and June, compared with roughly $206 million during the second quarter of 2025. Revenue also increased by around 4.5% compared with the first quarter of 2026, when the group generated approximately $593 million.

The figures indicate that the contribution of Tizert and Boto has continued to strengthen as the two mines moved toward their planned production levels. Their development had previously placed substantial demands on Managem’s investment budget, but the completion of construction has now allowed the group to shift from a predominantly capital-intensive phase toward a period of stronger operating cash generation.

This transition is reflected in investment spending. Managem’s consolidated investments amounted to approximately $178 million during the first half of 2026, down 40% from the same period a year earlier. The reduction was mainly linked to the completion of construction work at the Tizert and Boto projects.

During the first quarter alone, investment spending stood at approximately $91 million, compared with around $155 million a year earlier. The decline illustrates the changing investment cycle of the group after the completion of two major mining developments.

The lower level of capital expenditure does not mean Managem has suspended its expansion program. The company continues to develop several mining and industrial projects that are intended to broaden its portfolio and create additional sources of revenue.

One of these projects is a cobalt sulfate production facility, which is part of Managem’s strategy to increase its involvement in the processing of critical minerals. The group is also advancing the first phase of the Tendrara gas project in eastern Morocco, with initial production expected before the end of 2026.

Tendrara represents a diversification of Managem’s activities beyond metals. The project has become an important part of the group’s plans to establish an energy business alongside its mining operations. In May 2026, Managem strengthened its position in the project by acquiring Sound Energy Meridja Limited, a subsidiary of Sound Energy that held a 20% participating interest in the Tendrara exploitation concession.

Managem’s growing involvement in Tendrara comes as the company seeks to expand its portfolio while making greater use of domestic resources. The start of gas production would provide the group with an additional operating activity alongside its copper, gold and other mineral assets.

The group’s financial position also improved considerably during the first six months of the year. Consolidated net financial debt fell to approximately $1.03 billion at the end of June 2026, compared with about $1.31 billion at the end of December 2025. This represents a reduction of approximately 21% since the beginning of the year.

The decline in debt is particularly relevant given the scale of investment required to bring Tizert and Boto into production. As these projects begin generating stronger operating cash flows, Managem has been able to reduce its financial obligations while continuing to allocate resources to new development projects.

The improvement in the balance sheet follows a similar trend during the first quarter. At the end of March, consolidated net debt stood at approximately $1.22 billion, already down from the level recorded at the end of 2025. The further reduction during the second quarter indicates that cash generation strengthened as the new mines increased their contribution to the business.

Managem entered 2026 after reporting a strong performance in 2025. The group’s consolidated revenue reached approximately $1.41 billion last year, compared with around $913 million in 2024. Net income attributable to the group increased to about $309 million in 2025, from roughly $64 million a year earlier.

The company attributed much of the improvement to the start-up of Tizert and Boto, combined with favorable conditions in international metals markets. The two projects generated more than approximately $360 million in combined revenue during their first half-year of production in 2025, providing an early indication of their potential contribution to the group.

Their impact has expanded during 2026 as both mines have moved toward full production. The stronger first-half revenue also means that Managem is becoming increasingly dependent on the performance of these newer assets, making production efficiency, commodity prices and operational continuity important factors for its future results.

For the remainder of the year, international prices for copper, gold and other metals will remain an important variable. Any sustained change in commodity prices could influence the value of Managem’s sales, while production levels at Tizert and Boto will determine how much of their planned capacity is translated into revenue.

The expected start of initial production at Tendrara before the end of 2026 could provide another source of operating income. Meanwhile, the cobalt sulfate project and other development initiatives will determine the next phase of the group’s investment program.

Managem’s first-half results therefore show a combination of rapid revenue growth, lower capital expenditure and a significant reduction in debt. The completion of Tizert and Boto has changed the group’s investment profile, moving it away from the heavy construction spending associated with the two projects and toward greater operating cash generation.

With the new mines contributing at planned production levels and additional mining, processing and gas projects under development, Managem is now managing a broader portfolio of activities. The group’s performance in the coming quarters will depend on how effectively it maintains production at its new assets, manages commodity-price exposure and balances further investment with its objective of continuing to reduce debt.