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FinancialNews
18-08-19
Decline in turnover of Morocco's Managem
(MENAFN) Managem, a prominent Moroccan mining company, suffered a drop in its turnover from January to June 2019 following a 62 percent decrease in average cobalt prices.
Compared to a year ago, average turnover is forecast by the Moroccan company to plunge to USD31.6 million while expecting net profits to worsen to USD49.5 million.
It comes as Managem seeks to develop its manufacturing capacity of gold in Sudan to offset weak results seen during the second half of this year.
The firm has set a target to impose a 35 percent hike on silver production in Imider mines and achieve a 36 percent boost in cobalt production.
MENAFN1808201900450000ID1098895252
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