Morocco's Managem starts gold production at its Guinea mine

RABAT- Moroccan mining company Managem said it had started gold production on Wednesday at its mine in Guinea, opened as part of its expansion plan in Africa.

The company said it plans to produce 130,000 ounces of gold a year at the Tri-K mine, where reserves are estimated at 1.5 million ounces.

Gold accounts for 20% of the firm's turnover, Managem Chief Executive Imad Toumi told Reuters in April, adding that Managem hopes to increase that share to 50%. The company also produces copper, silver, cobalt, lead and zinc.

Last year, the Casablanca-listed company posted a profit of 225 million dirhams ($61.2 mln) after a loss of 427 million dirhams a year earlier.

(Reporting by Ahmed Eljechtimi; Editing by Jan Harvey) ((ahmed.eljechtimi@thomsonreuters.com;))