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|17 April, 2019

Moroccan miner Managem considering raising $200mln in bond sales

The terms of the issuance will have to be approved by its general assembly on May 6

A currency dealer counts Moroccan dirhams in a photo illustration at a currency exchange in Casablanca, Morocco, June 29, 2017. Image used for illustrative purposes

A currency dealer counts Moroccan dirhams in a photo illustration at a currency exchange in Casablanca, Morocco, June 29, 2017. Image used for illustrative purposes

REUTERS/Youssef Boudlal/Illustration

MARRAKESH, Morocco - Morocco's leading mining firm Managem said it is considering raising 200 million dollars through sales of non-convertible bonds with a maturity of up to 7 years, to fund its development plans.

The terms of the issuance will have to be approved by its general assembly on May 6, Managem said in a statement.

Last month, the group reported a 16 percent drop in 2018 revenue to 4.35 billion dirhams ($454.5 mln) after metal prices fell on international markets and its Bakkoudou gold mine in Gabon closed.

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The firm's annual profit attributable to shareholders rose 2 percent last year to 370 million dirhams. Managem, which is controlled by the Moroccan royal family's holding company Almada, produces gold, silver, cobalt and copper.

Besides Morocco, the company operates in Democratic Republic of the Congo, Ethiopia, Gabon, Guinea Conackry, Ivory Coasst, Mali and Sudan.

(Reporting by Ahmed Eljechtimi Editing by Alexandra Hudson) ((ahmed.eljechtimi@thomsonreuters.com;))

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