MARRAKESH – Morocco's leading mining firm Managem says it is considering raising $200-million through the sale of nonconvertible bonds with a maturity of up to seven 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% drop in 2018 revenue to 4.35-billion dirhams ($454.5-million) after metal prices fell on international markets and its Bakkoudou gold mine, in Gabon, closed.
The firm's annual profit attributable to shareholders rose 2% 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 the Democratic Republic of Congo, Ethiopia, Gabon, Guinea-Conakry, Côte d'Ivoire, Mali and Sudan.