Mohammed VI, widely regarded as Africa’s wealthiest monarch, is spearheading a major push into the continent’s mining sector through a $750 million investment aimed at significantly boosting gold production.
The investment, led by Managem Group—a subsidiary of Al Mada—targets a 134% increase in gold output by 2030, positioning the company as a dominant force in Africa’s rapidly expanding minerals market.
Ambitious Production Targets and Growth Strategy
Managem plans to raise its gold production from 213,000 ounces in 2025 to 500,000 ounces annually by 2030. This expansion is driven by strong global gold prices and growing demand for safe-haven assets.
The company’s financial performance already reflects this favorable environment. In 2025, net profit surged by 384% to $322 million, while revenues climbed to $1.3 billion, with gold contributing more than half of total earnings.
With prices hovering near historic highs, the company expects revenues to exceed $2 billion within the next two years.
Expanding Footprint Across Africa
Managem’s operations span several key African markets, including Sudan, Democratic Republic of Congo, Gabon, and Senegal, with additional developments planned in Guinea and Côte d’Ivoire.
Key projects include:
- The Etéké project in Gabon, expected to begin production in 2028 with annual output of 60,000 ounces
- The Karita project in Guinea, targeting 200,000 ounces annually from 2029
- The Pumpi copper-cobalt project in the DRC, developed in partnership with Wanbao Mining
These projects highlight a strategy focused on both greenfield developments and strategic partnerships to accelerate growth.
Gold Price Boom Fuels Expansion
The company’s aggressive investment strategy comes amid a strong gold market. Prices have surged in recent years, reaching around $4,600–$4,650 per ounce in early 2026, after peaking above $5,500 earlier in the year.
This rally has significantly boosted profitability across the mining sector, encouraging expansion and new project development. Analysts forecast continued strength, with some projections suggesting gold could climb even higher before the end of 2026.
Strategic Outlook
Managem’s expansion reflects a broader shift in Africa’s mining landscape, where rising commodity prices and increasing global demand for resources are driving investment.
Backed by royal capital and long-term strategic vision, the company is positioning itself to play a leading role in Africa’s gold industry while contributing to the continent’s growing importance in global mineral supply chains.