King Mohammed VI’s investment vehicle Managem Group is racing to become Africa’s dominant gold producer by 2030….reports Newsdesk
The mining company owned by Morocco’s royal family is embarking on one of Africa’s most ambitious gold expansion programmes, committing $750 million to more than double production across five countries by the end of the decade, Business Insider Africa has reported.
Managem Group, which is owned by Al Mada — the investment office of King Mohammed VI, Africa’s wealthiest monarch — plans to grow its annual gold output from 213,000 ounces in 2025 to 500,000 ounces by 2030, a increase of 134% that would cement the company’s position as a major force in the continent’s rapidly expanding mining sector.
The announcement comes on the back of a remarkable financial performance. According to Business Insider Africa, Managem recorded a 384% surge in net profit in 2025, with earnings reaching $322 million, driven largely by soaring gold prices. Revenue climbed 55% to $1.3 billion, with gold alone accounting for more than half of the company’s total earnings. Gold prices averaged $3,445 per ounce during the year, representing a 44% increase, while the company’s own gold production rose 26%.
Silver also contributed to the strong results, with production up 18% and prices rising 42% to reach $40 per ounce.
King Mohammed VI, whose personal net worth is estimated at $5 billion, has long used Al Mada as a vehicle for strategic investments that shape Morocco’s economic footprint across the continent. Managem, which carries a market valuation exceeding $10 billion, now operates across seven African countries and is expanding aggressively into new territories.
The company’s portfolio spans some of Africa’s most resource-rich regions. Key projects include the Gabgaba gold project in Sudan, the Etéké gold project in Gabon, the Boto gold project in Senegal, and the Pumpi copper-cobalt project in the Democratic Republic of Congo. The Pumpi project, located in the DRC’s Lualaba province, covers 25.6 square kilometres across 32 operating permits and is being developed in partnership with Chinese mining company Wanbao. Additional gold projects are advancing in Morocco, Guinea, and Côte d’Ivoire.
The two most significant pillars of the expansion plan are both in West Africa. The Etéké project in Gabon, backed by a $150 million investment, is scheduled to begin production in late 2028 with an expected annual output of 60,000 ounces. The larger Karita project in Guinea, currently in the feasibility stage, is targeting 200,000 ounces per year from 2029 and will require an investment of $600 million, according to Morocco World News, as cited by Business Insider Africa.
Managem expects its total revenue to exceed $2 billion within the next two years, buoyed by higher production volumes and sustained gold prices — a projection that reflects both the scale of its ambitions and the favourable commodity environment it is seeking to capitalise on.
The expansion positions Morocco’s royal investment office as a quietly powerful force in shaping Africa’s mining landscape, with King Mohammed VI using Managem as both a commercial engine and a tool of economic diplomacy across the continent.
