The national leader of the mining activities, Managem, realized a net profit share of the group (RNPG) of 231 million dirhams (MDH) in the first semester of 2018, in an increase of 151% compared to the H1-2017, Monday announced the group publicly listed mining company. This strong growth reflects the operational and financial performance of the Group and its resilience to the decline in the results of its SMI subsidiary, the group said in a statement on the Casablanca Stock Exchange website.
In terms of operating profit, these 394 million dirhams, an increase of 11% compared to the operating result of the first half of 2017, adjusted for the Pumpi operation, said the group, noting that the financial result increased by 40% , thanks to the substantial reduction of the debt of the group by 30%. Turnover (sales) stabilized at MAD 2.494 billion (MMDH), thanks to the strong contribution of copper and cobal activities, accounting for 54% of consolidated sales, according to the source. In terms of gross operating surplus, it amounted to 879 million dirhams, thanks to the confirmation of the good fundamentals of the copper activities and the strengthening of the total production of cobalt and zinc. release, adding that these three activities saw their total contribution increase by 23 points to 85% of the consolidated EBITDA, driven by sharply increased metal prices.
In terms of performance, the first half of the year saw significant progress in achieving the development strategy aimed at exploration and development of projects with great potential, including the completion of the development study. feasibility of the Gold TRI-K project in Guinea, which confirms the certification of more than 1 million ounces of gold reserves and the launch of an expansion project of the production of the Cobalt cathode to the processing capacity of 20%, remains the release. The group also pointed to the continuation of the construction works of a new factory in Sudan with a view to doubling the current production capacity by the end of 2018, the start of civil works for the construction of a new industrial line for the treatment of silver residues from SMI, the start of the Koudiat Aicha polymetallic mine with a target of 120K TTV / year and the progress of the exploration work and the feasibility study for the copper project Tizert in Morocco.
With regard to the outlook, Managem noted that the second half of 2018 will be marked by significant progress in the Group's gold strategy through the completion of the partnership agreement with Avocet Mining, on the TRI-K project to increase its participation at 70% in the JV.
In addition, Managem intends to continue its growth strategy in Morocco and abroad, with the aim of developing a balanced and diversified portfolio.
LNT with MAP