OVER 85 YEARS OF SUCCESS IN MINING DEVEL … has recently completed the project’s ... OVER 85 YEARS OF SUCCESS IN MINING DEVEL OPMENT OVER 85 YEARS OF SUCCESS IN MINING DEVEL OPMENT

Over 85 years Of success in mining develOpment Over 85 years Of success in


Chairman’s statement Imad TOUMI I Chairman and CEO

For more than 85 years, Managem has been suc-cessful in developing its business with passion, rigor and a sense of responsibility, and emerged as a leader in the mining industry. Driven by a strong commitment to deliver high level performance, we foster innovation and improve productivity to continually meet the needs of our customers and partners, focused on providing high quality pro-ducts and services while complying with best international practices and industry requirements. Our ability to consolidate our asset portfolio and im-

prove business performance in Morocco led us to refocus on core business activities set around pre-cious metals, cobalt and copper and embark on an ambitious growth strategy on the international level.This successful new business orientation allowed us to enhance the Group’s reputation and image, and be known for the high quality of our work, products, and processes, our professional and skil-led employees, and our strong innovation-driven culture. Managem’s strength lies in its business philosophy and the way it conducts its operations.

The Group has a longstanding commitment to in-corporate sustainable development principles into its business operations. More than statements, Managem renewed and increased its focus on responsible mining. Sustained efforts are aimed at further strengthening Managem’s performance in such areas as community support, environmental management, safety and security.Our approach to responsible mining coupled with our business fundamentals allow us to hold a pri-vileged position for greater success in the future.

Over 85 years Of success in mining develOpment Over 85 years Of success in mining develOpment Over 85 years Of success in mining develOpment Over 85 years


Ownership structure

5 660employees

21 industrialunits

19 countries served by Managem

15 products commercialized

4 377Turnover 2016

MMAD

7 patents

an OrganisatiOn struCtured arOund twO aCtivities

Managem Group is structured around two major areas, each operating with considerable autonomy: Moroccan Activities and International Activities.To ensure consistency and optimisation, these activities are supported by specialist services, including engineering, drilling and underground works, and are assisted by corporate functions (finance, IT, human resources, supply chain & logistics, legal, etc).

managem, COmmitted tO sustainable grOwth

Managem is an industrial mining group operating in Morocco and on an international level as well. The Group grows and manages a diver-sified portfolio of base and precious metals, cobalt and specialties.It started its activities 85 years ago and developped a know-how and expertise in the mining industry. Managem Group is committed to achieving high level performance in all its operations and strives to meet the needs and expectations of its customers and partners.Managem aims at growing and conducting its operations in a res-ponsible and consistent manner on the long run through balancing social, environmental, ethical and economic considerations in every aspect of business.The Group is committed to delivering sustainable value by focusing on quality operational management, controlling risks and creating las-ting social and economic benefits for the communities and countries in which it operates.

managem, an integrated group

• Managem has demonstrated its expertise in developing and ope-rating mining projects for over 85 years, from the exploration stage to production and trading.

• Thanks to its geographical and cultural proximity with neighbo-ring countries, Managem has a competitive advantage in Africa and the Middle East.

• The financial capacity that Ma-nagem has strengthened over decades has allowed it to build a balanced risk profile and a strong investment capacity.

• Managem has developed a com-prehensive range of engineering, project management and techni-cal advisory assistance services in the mining industry, both in Mo-rocco and abroad, to undertake drilling and other underground works. Its R&D center also allows it to implement innovation and continuously meet the needs and expectations of its customers.

• Managem teams are acknowledged for their professionalism, expertise and strong commitment, making human capital the Group’s main strategic resource.

strategiC resOurCes underpinning grOwth

Our visiOnBuilding a leading regional mining Group based on performance, innovation and responsibility.



15 products Cu ZnCo Pb

base MeTals & cobalT

Fluorspar & oTher producTs

CaF2 - ZnO - As

precious MeTals

Ag Au

Exploration

Engineering

Construction

Operations

Trading

R & D



managem: significant performance drivers

teChsubA specialist’s expertise

Founded in 1992, TECHSUB is a specialist service provider with a core business focused on three main activities: drilling, underground and open-pit excavation works.Based on advanced technology and equipment that ensure its competitiveness while meeting safety standards, TECHSUB has emerged as a specialist in work requiring high technology as well as in drilling technologies, especially unconventional drilling in the mining and public works sectors.

researCh CenterThe cornerstone of research & development

Leading R&D activities as well as the development of innovative methods in mineral processing, hydrometallurgy, fine chemistry and environmental management, Managem’s research center cumulated 20 years of experience and proved expertise in undertaking research projects. In an environment fostering creativity and innovation, the Research Center teams are undertaking major projects that are in constant evolution. The 26 industrial processes, 7 patents registered in Morocco, and processing of other products under development are among major achievements that have been recognized internationally.

remineX engineering A full range of engineering services

Founded in 1984, REMINEX is specialized in Research and Engineering. With over 120 engineers and technicians, Reminex has become the driving force of the Group’s mining activity modernization. REMINEX engineering manages several engineering consultancies and engineering services for its clients and has managed the implementation of several projects with average investment budgets up to 700 million dirhams.

skills develOpment & training Center

By offering relevant programs that meet identified needs and expectations for operational activities, the training center provides a platform for sharing and capitalizing on knowledge, effectively allowing the Group to have a rich national network of experts, known and acknowledged internationally.

Ouansimi

Startup : 2016Product : copper

Oumejrane


The group’s activities in moroccoThe continuous efforts towards innovation, quality optimization and the mobilization of human resources have enabled Managem to establish itself as a benchmark in the Moroccan mining sector.

the group’s operations

ambitiOus develOpment prOjeCts

The Group’s development strategy is based on growing its Moroccan activities through consolidating and improving the performance of its current opera-tions, whilst identifying and developing new mining projects.

Managem pursues development programs for new products and derivatives, as well as for the treatment of secondary materials. The following are some of Managem’s leading projects:

Copper project - BouskourThe Bouskour copper project is located 80 kilometers south-east of Ouarzazate. Its reserves are estimated to more than 9 million run-of-mine tons, with an ave-rage copper grade of 1.61%. Managem has recently completed the project’s feasibility study and an independent international cabinet carried out the due diligence.

Copper project - TizertThe Tizert copper project is located 80 kilometers east of Agadir, in the Taroudant province. Its geological resources are estimated to more than 35 million run-of-mine tons. The exploration works and feasibility studies are underway.



The group’s international activities

Since the late 90s, Managem Group has been com-mitted to a bold strategy of international development. Many successful projects lead Managem to invest other new growth opportunities in Africa. Its interna-tional development strategy is based on:• Consolidating its position in countries where the

Group operates by accelerating the development

of existing projects and acquiring new projects at various stages of development.

• Acquiring and developing partnerships in other target countries at different stages of development to consolidate its portfolio and ensure a balanced and sustained growth of its activities.

a wide range Of develOpment prOjeCts with high grOwth pOtential

Managem’s strategy allowed the Group to develop a number of strategic growth opportunities at the international level. Many projects are currently progressing in Africa, including:

Bakoudou gold mine in GabonThe Bakoudou mine is led by the Gabonese subsidiary REG and consists of operating an open-pit gold mine in Gabon.

With a production capacity estimated at 45,000 oz of gold per annum, the project required an investment bud-get of US$39m. The construction phase was completed leading the project to start production in late 2011.

Etéké gold project in GabonThe subsidiary Managem Gabon operates the Etéké gold project. It is a gold-rich deposit in the region of Mouila. The project is currently at the exploration stage. The project will be on stream in the coming years.

Gold projects in SudanThe aim of these projects is to discover high profitability gold reserves in Wadi Gabgaba (block 15), Schereik (block 24) and Nigeim (block 9) in which exploration works are at present being carried out to identify mining resources. The pilot processing plant in Block 15 startup was during Q1 2013 and the Bankable Feasibility Study of the project was carried-out by Reminex.

Assosa & Budur Projects in EthiopiaManagem holds 2 adjacent Exploration Licenses Assosa (578,5 km²) and Budur (406 km²) in western Ethiopia, Benishangul-Gumuz National Regional State. The licenses are located at 720 km from Addis Ababa.Exploration works Conducted:• Historical data assessment • Satellite imageries and topographic map interpreta-

tion• Geological map at 1:50,000 scale• Geochemistry (stream sediment, HMC & chip) cam-

paigns• Laboratory analysis of Stream & HCP using ICP Method

Pumpi cobalt & copper project in DRCThe Pumpi project is located in the territory of Kolwezi in Katanga. It targets copper and cobalt orebody.

The project feasibility study has been lunched. The pro-duction startup is planned in the coming years.

Other projectsFurther gold exploration programs are ongoing and carried out in the Republic of Congo, Guinea, Burkina-Faso and Ethiopia.

the group sites

Au: Gold I Poly: Polymetallic


4 sites powered by wind power

47% of the power consumption originates from renewable energies

42% of the water consumed are recycled

112 608 tons of carbon dioxide avoided in 2015 by resorting to clean energy

Committed to conduct its business in a responsible manner on the long term, Managem integrates sustainable deve-lopment to its policies and processes to maintain and develop its activities, better manage their environmental impact and contribute to regional economic and social development. The Group’s proactive approach is boosted by the spirit of innovation of its human resources, enhancing value creation.

sustained effOrts fOr COmmunity OutreaCh

For over 85 years, Managem has combined development of its acti-vities with the development of the remote areas in which the Group operates. Its commitment to communities focuses on helping develop them through outreach programs in the following fields:

• Providing basic services for communities (access, roads, water and electricity);

• Women’s development in rural areas by improving their living condi-tions (literacy programs, income generating projects, etc.);

• Children and the development of education (sponsoring schools, scholarships for boarders, school supplies kits, etc.).

priOrity tO health and safety

Safety of staff in the work place is both a fundamental ethical requirement and one of the Group’s leading performance criteria. For a more effective control of safety, hygiene and health risks arising from its activities, Managem has esta-blished its own approach based on responsibility, participation and involvement of all actors.

the envirOnment, at the COre Of eaCh prOjeCt

The environmental issue is a major part of Managem’s overall develop-ment strategy. The processes set up by the Group have turned threats into opportunities.

For example, mining site wastes, which in the past were difficult to store, given their potential harmful effects on the environment, are now recycled thanks to processes developped by Managem’s Research Cen-ter.

By addressing environmental challenges upstream, Managem has adopted a proactive approach right from the design phase of its pro-jects by:

• Reducing and monitoring dust and gas emissions.• Stabilizing runoff.• Rationalizing water consumption through recycling used water.• Reducing energy consumption.

a Certified sustainable develOpment pOliCy

The Group’s commitment has resulted in the award of ISO 14001, ISO 9001 and OHSAS 18001 certifications, to a majority of the Group’s subsidiaries; a process is underway for the generalization of these certifications to all subsidiaries in Morocco and abroad. Managem also received the CSR label from CGEM, and the status of CSR Top Performer from Vigeo, for the «Promotion of social dialogue.» Finally, as a responsible chemical company, Managem has renewed in 2014 its membership to the Responsible Care convention.


managem driving local development

managem sOlidaires

In 2013, Managem Group formalized its commitment to the commu-nities through the creation of the “Managem Solidaires” program. This program is build around four themes:

solidarity for school success• Preschool development and support for children’s education• Training and educational innovation solidarity for new chances• Promote access to alternative education and training for school dropouts • Training of civil society members

solidarity for entrepreneurship• Apprenticeship training and creation of micro-enterprises • Measures to encourage the creation of VSE and women cooperatives• Support for the creation of Revenue Generating Activities valuing

local products solidarity for the well-being of communities• Support for basic services access• Development of the « Culture and Development » approach • Support and sponsorship of cultural and sport activities

In 2014, Managem invested 31,6 million dirhams in the “Managem Solidaires” program (Well-being of communities: 59%, School success: 36%, Entrepreneurship: 4%, New chances: 1%).


Twin Center, Tower A, Al Massira Al Khadra Street, P.O. Box 5199, Casablanca, MoroccoTel: +212 (0)5 22 95 65 65 I [email protected]



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OVER 85 YEARS OF SUCCESS IN MINING DEVEL … has recently completed the project’s ... OVER 85 YEARS OF SUCCESS IN MINING DEVEL OPMENT OVER 85 YEARS OF SUCCESS IN MINING DEVEL OPMENT