Managem in Morocco H1 Profit Drops 19% on Gold Prices

Morocco Gold

(Reuters) – Morocco’s large-scale mining holdings Managem posted a 19% fall in its first-half net profit to 213 million dirhams ($25 million) hurt by a fall in silver and gold prices in the first half of 2013.

Managem, which is controlled by the Moroccan regal family’s retaining company SNI, produces gold, silver, cobalt and copper in Morocco and Gabon and recently won contracts to seek for gold in two mineral-rich localities of Sudan.

Most of its company is in silver and gold output. The company said it was awfully strike by a 14% drop in silver and cobalt prices, and an 8% drop in gold charges, over the first six months of 2013.

Shares in Managem declined 1.67% in late afternoon selling on the Casablanca supply exchange, following the broadcast of its outcomes.

The company said it designed to increase the yield of its Bakoudou gold mine in Sudan and to advance its costs command in the second half of this year.

Its consolidated sales increased 2% to 1.87 billion dirhams in the first six months of 2013.