A massive $750 million investment is set to reshape the landscape of African mining, as Morocco’s King Mohammed VI steers a strategic expansion to aggressively scale gold production across the continent. The initiative, led through the mining powerhouse Managem, aims to drive a 134% increase in annual gold output, signaling a bold move to consolidate Moroccan influence in the global metals market.
The Managem gold production expansion is designed to catapult the company’s annual output from a projected 213,000 ounces in 2025 to 500,000 ounces by 2030. This growth strategy comes on the heels of a period of intense financial acceleration; the company’s net profit is projected to reach $322 million by 2025—a 384% increase—fueled largely by a sustained rally in global gold prices.
For King Mohammed VI, whose estimated net worth of $5 billion makes him Africa’s wealthiest monarch, these investments are more than mere financial plays. They represent a broader geopolitical effort to integrate Morocco deeper into the African economic fabric. With a current market valuation exceeding $10 billion, Managem is transitioning from a regional player into a dominant continental force.
The $750 Million Blueprint: Karita and Etéké
The cornerstone of this expansion lies in West Africa, where Managem is deploying the bulk of its capital into two high-capacity projects. These assets are expected to provide the primary volume needed to hit the 2030 production targets.
The largest single commitment is the Karita project in Guinea. Currently in the feasibility stage, the project requires an investment of $600 million and is slated to begin producing 200,000 ounces of gold annually starting in 2029. Complementing Here’s the Etéké project in Gabon, which is backed by a $150 million investment. Etéké is expected to enter the production phase in late 2028, contributing an estimated 60,000 ounces per year.
Beyond these greenfield projects, CEO Imad El Tumi has emphasized that gold remains the central pillar of the company’s strategy. To accelerate this growth, Managem is as well actively pursuing the acquisition of existing gold assets, reducing the lead time typically associated with new mine development.
Strategic Asset Breakdown
| Project | Country | Investment | Target Output | Timeline |
|---|---|---|---|---|
| Karita | Guinea | $600 Million | 200,000 oz/year | 2029 |
| Etéké | Gabon | $150 Million | 60,000 oz/year | 2028 |
| Pumpi | DRC | Partnership | Copper-Cobalt | Operational |
| Gabgaba | Sudan | Strategic | Gold | Active |
A Continental Footprint in Seven Nations
Although gold is the current driver, Managem’s operational reach extends across seven African countries, diversifying its risk and resource base. This footprint includes significant gold projects in Morocco, Côte d’Ivoire, and Senegal, where the Boto gold project remains a key asset.
The company’s ambitions also extend into the critical minerals essential for the global energy transition. In the Lualaba province of the Democratic Republic of Congo (DRC), the Pumpi project focuses on copper and cobalt. Spanning 25.6 km² with 32 operating permits, Pumpi is being developed in partnership with the Chinese mining firm Wanbao, highlighting a strategic intersection of Moroccan capital and Chinese technical expertise.
Market Volatility and the Gold Hedge
The timing of this expansion aligns with a volatile but generally bullish outlook for precious metals. Internal company projections suggest that by 2025, gold production will have risen 26%, benefiting from an environment where gold prices have seen significant upward pressure.
Historically, gold has served as a hedge against geopolitical instability and currency devaluation. While the market has experienced sharp monthly declines in recent periods—driven by a strong U.S. Dollar and fluctuating interest rate expectations—long-term forecasts remain optimistic. JPMorgan analysts have previously suggested that central bank buying and potential rate cuts could push gold prices significantly higher by the end of 2026.
This price environment has already yielded results for Managem. Gold alone has accounted for more than half of the company’s earnings, contributing to a 55% rise in revenue to $1.3 billion. Silver has also provided a secondary boost, with production increasing by 18% as silver prices rose. Based on these trajectories, the company expects its total revenue to exceed $2 billion within the next two years.
Gold production remains central to the company’s strategy as it seeks to further expand its footprint across the continent.
— Imad El Tumi, CEO of Managem
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Mining investments carry significant geopolitical and market risks.
The next major milestones for the expansion will be the transition of the Karita project from the feasibility stage to active construction and the commencement of production at the Etéké site in late 2028. These checkpoints will determine if Managem can maintain its pace toward the 500,000-ounce annual target by the end of the decade.
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