Casablanca – Managem Group has signed an agreement to sell its subsidiary, Compagnie Minière d’Oumejrane, to MetalNRG Plc, a natural resources company listed on the London Stock Exchange. The transaction is valued at $32 million, with an additional payment contingent on copper prices over the next 12 months. This deal comes as part of Managem’s strategy to streamline its portfolio and focus on larger-scale projects.
Compagnie Minière d’Oumejrane, which has been producing copper concentrate since 2014, generated 3,000 tons of copper metal in 2023. The sale follows a competitive process, resulting in a binding agreement between Managem and MetalNRG for the acquisition of 100% of Oumejrane’s shares.
Strategic move for growth
Imad Toumi, Chairman and CEO of Managem, described the sale as a strategic decision in line with the Group’s long-term goals. “The sale of small-scale assets aligns perfectly with our strategic objectives and allows the Group to focus on the development of its major projects. This initiative positions Managem for sustainable and profitable expansion,” Toumi stated. He also expressed confidence that MetalNRG, backed by Orion Resource Partners, will uphold the high standards of health, safety, and environmental protection that Managem has established.
The transaction is financed by Orion Resource Partners, a New York-based asset management firm specializing in investments in metals, minerals, and energy transition resources. With $8.2 billion in assets under management, Orion is providing the financial backing necessary to drive MetalNRG’s ambitions.
MetalNRG’s plans for Oumejrane
Christopher Chadwick, Executive Director of MetalNRG, expressed excitement about the acquisition, calling it a key part of the company’s strategy to build a strong portfolio of natural resource assets. “The Oumejrane project is central to our strategy of building a portfolio of attractive assets. MetalNRG is set to extend the mine’s lifespan and increase copper production in the coming years, aiming to strengthen Morocco’s mining sector,” he said.
Chadwick also emphasized the company’s commitment to supporting the local economy, pledging to prioritize local sourcing and skill transfer, which will help create jobs and foster economic growth within the community. He added that MetalNRG looks forward to working with Managem not only to finalize the transaction but also to explore future opportunities for cooperation on a larger scale.
Focus on sustainable mining
Both Managem and MetalNRG share a commitment to sustainable and responsible mining. The transaction includes assurances to protect the interests of the employees of Compagnie Minière d’Oumejrane, reinforcing the focus on ethical and environmentally sound practices.
Managem, which has been a major player in the African mining sector for over 90 years, operates across seven African countries, including Morocco, and employs 5,000 people. The group is known for its balanced portfolio, focusing on gold and energy transition metals, and is committed to maintaining international standards in environmental protection, social practices, and governance.
Looking ahead
The sale of Compagnie Minière d’Oumejrane is subject to approval by the Moroccan competition authority and the fulfillment of a few remaining conditions. Once finalized, the transaction will allow both Managem and MetalNRG to pursue their respective growth strategies. For Managem, the focus will shift towards larger projects that drive sustainable growth, while MetalNRG aims to strengthen its presence in the natural resources sector by leveraging the potential of the Oumejrane mine.
As the deal moves forward, the collaboration between these two industry players could open the door to further partnerships in the future, particularly in Africa’s rapidly evolving energy and mining landscape.
