Managem
All data are collected in the Fiscal Year of 2008-2009.
Company Profile and History
MANAGEM is a public listed company, established in 1930, with a share capital of US$ 85 million. MANAGEM focuses on two areas: mining and hydrometallurgy. Its service companies specializing in exploration, research & development and engineering.
In the services sector, two subsidiaries, REMINEX and TECHSUB, have extended MANAGEM's expertise in this area: REMINEX specializing in research, engineering and exploration; and TECHSUB specializing in underground work.
CTT (Compagnie de Tifnout Tighanimine):
Located 120 kilometres south of the town of Ouarzazate, CTT-Bou Azzer is one of MANAGEM's oldest mines. CTT Guemassa, a company in charge of the group's hydrometallurgical activities as a whole, manages five operational units producing cobalt cathodes, copper sulfate, nickel sulfate and zinc oxide.
CMG (Compagnie Minière des Guemassa):
Created in 1988, CMG runs the Hajar polymetal mine, 30 km from Marrakech, and has been producing zinc, lead and copper concentrates since 1992. In July 2004, CMG started working the Draa Sfar polymetal deposits, 15 km from Marrakech, to supplement and support production by the Hajar site.
SMI (Société Métallurgique d'Imiter):
Created in 1969, SMI operates the Imiter metal silver mine, located 150 kilometers east of Ouarzazate. It produces 99.5% pure metal silver bullion.
Samine(Société Anonyme d'Entreprises Minières):
Created in 1974, Samine operates the El Hammam mine located 80 kilometres from Meknès. It is one of the top fluorine producing mining firms in the world.
AGM (Akka Gold Mining):
Akka Gold Mining, 280 kilometres south-east of Agadir, started extracting metal gold from the Iourirn gold deposits in 2001.
In Country Location
TWIN CENTER, Tour A, angle Bd. Zerktouni et Bd. Al MAssira Al Khadra-BP 16016,Casablanca, Morocco:
Telephone: +212 (0)22 95 65 65
Telefax: +212 (0) 22 95 64 64
Services and Products
MANAGEM operates as a mining and hydrometallurgical group, which produces and sells cobalt, base metals, and metal derivatives. It services companies specializing in exploration, research and development, engineering, boring, and mining. The company produces a range of concentrates, including cobalt, zinc, lead, copper, and fluorine, as well as precious metals, such as gold and silver from various projects in Morocco and Africa. It also processes complex materials and produces cobalt cathodes and chemical specialties, such as zinc oxide, copper sulfate, nickel sulfate, and arsenic trioxide.
Number of Employees
MANAGEM has a work force of around 1,800
Financial Information
|
Currency in Millions of Moroccan Dirhams |
As of: |
Jan 02 2004 Restated |
Jan 02 2005 Restated |
Jan 02 2006 |
Jan 02 2007 |
4-Year Trend |
|---|---|---|---|---|---|---|
| Revenues | 1,6916 | 1,8621 | 1,6464 | 2,1971 | ||
| Other Revenues | 3136 | 3298 | 2297 | 3445 | ||
| TOTAL REVENUES | 2,0052 | 2,1919 | 1,8761 | 2,5416 | ||
| Cost of Goods Sold | 8021 | 1,0115 | 7608 | 9498 | ||
| GROSS PROFIT | 1,2031 | 1,1804 | 1,1153 | 1,5918 | ||
| Selling General & Admin Expenses, Total | 5665 | 6230 | 6070 | 7024 | ||
| Depreciation & Amortization, Total | 5538 | 6126 | 5995 | 5993 | ||
| Other Operating Expenses | 251 | 329 | 110 | 116 | ||
| OTHER OPERATING EXPENSES, TOTAL | 1,1454 | 1,2685 | 1,2175 | 1,3133 | ||
| OPERATING INCOME | 577 | -881 | -1022 | 2785 | ||
| Interest Expense | -233 | -324 | -126 | -- | ||
| NET INTEREST EXPENSE | -233 | -324 | -126 | -- | ||
| Currency Exchange Gains (Loss) | 127 | -33 | -- | -- | ||
| Other Non-Operating Income (Expenses) | -359 | -2882 | -583 | -2127 | ||
| EBT, EXCLUDING UNUSUAL ITEMS | 112 | -4120 | -1731 | 658 | ||
| Gain (Loss) on Sale of Assets | -- | 630 | 2771 | 10 | ||
| EBT, INCLUDING UNUSUAL ITEMS | 112 | -3490 | 1040 | 668 | ||
| Income Tax Expense | 178 | 223 | 356 | 227 | ||
| Minority Interest in Earnings | 89 | 1321 | 578 | -227 | ||
| Earnings from Continuing Operations | 23 | -2392 | 1262 | 214 | ||
| NET INCOME | 23 | -2392 | 1262 | 214 | ||
| NET INCOME TO COMMON INCLUDING EXTRA ITEMS | 23 | -2392 | 1262 | 214 | ||
| NET INCOME TO COMMON EXCLUDING EXTRA ITEMS | 23 | -2392 | 1262 | 214 | ||
Market Share
Managem is the largest Moroccan integrated mining operator.
Business Objective
“To become a world-scale mining group developing and operating high quality mines; be among the leaders in a number of integrated hydrometallurgy sectors and niche markets; create added value through customer service and satisfaction, research and innovation as well as excellence among its personnel”
Business Model
MANAGEM is operating in the two areas of mining and hydrometallurgy. To ensure the development of its two specialist areas, MANAGEM has set the following strategic guidelines: maintain mining activity in Morocco by consolidating and improving performances in its current activities and identifying and developing new mining projects; acquire or make equity investments in mining projects internationally, in Africa and the Middle East in particular. The metals targeted are precious metals, base metals and special metals; and develop and consolidate MANAGEM's position in hydrometallurgy.
Ownership of Business
Owned 78.18% by ONA Group
Benefits Offered and Relations with Government
In terms of the 1951 Mining Law mining (except for phosphates) can be carried out by any individual or corporate entity, regardless of their nationality.
All mineral resources are the property of the state, which issues permits and licences for the exploration and exploitation of the resources. The current mining legislation is enforced through executive orders and the Directorate of Mines. Under the law, a mining company may set up a tax-exempt reserve fund of up to 50% of the fiscal profits for exploration and development investment.
Product Development
In 2008 MANAGEM reported a loss of MAD350mn (US$40.6mn). As a result of the performance, the company is looking to cut production costs at all of its businesses in 2009, which is estimated to bring in an additional MAD200mn (US$23.3mn).
MANAGEM has signed research agreements with the national hydrocarbons office (ONHYM, formerly BRPM). The aim of this partnership is to carry out a program of works and technical-economic studies on deposits discovered. Projects at the feasibility study stage: Cobalt derivative project and Draa Sfar downstream
project.