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Annual Report Annual Report Twin Center, Tour A, Angle Boulevards Zerktouni et Al Massira Al Khadra BP 5199, Casablanca Tél : +212 5 22 59 65 65 - Email : [email protected] : /Managemgroup : @Managem_group : groupe-managem ANNUAL REPORT ANNUAL REPORT The electronic version of our report is available on http://www.managemgroup.com/Media-Center Managem Annual Report 2016 Draa Sfar Mine COMPANY OVERVIEW Managem is an integrated mining group managing a diversified portfolio of mineral resources, focusing on precious metals, base metals, Cobalt and Fluorite. Managem employs 5,660 employees across all its subsidiaries. The Group has operations in Morocco and throughout Africa in Gabon, Democratic Republic of Congo, Sudan, Guinea, Mali, Burkina Faso, Ivory Coast and Ethiopia. In addition Managem has trading activities based mainly in Switzerland and UAE. Managem is active across the entire value chain of mining activity. Managem is a leading player in the mining and hydrometallurgical industry in Morocco as well as in the African continent. The Group’s expertise and unwavering insistence on safety, ethics, performance and innovation fostered its growth and diversification, thanks to its business model developed for almost 90 years. The development of the Group’s activities was included in a responsible growth pattern through strong commitments to environment, risk management and development of neighbouring communities. 3 Diversité Managem Annual Report 2016 KEY FIGURES 2016 TURNOVERTURNOVER 5,6605,660 4,3774,377MMADMMAD CONTRIBUTORSCONTRIBUTORS +1%+1% ComparedCompared to 2015 to 2015 354,354, 000 000TONNESTONNES 5252%% OF COOF2 COSAVED2 SAVED VIA VIA OF THEOF THE ENERGY ENERGY CLEANCLEAN ENERGY ENERGY COMESCOMES FROM FROM 1,4881,488MMADMMAD 289289MMADMMAD (last 3 (lastyears) 3 years) WINDWIND ENERGY ENERGY (MANAGEM(MANAGEM MOROCCO) MOROCCO) GROSSGROSS OPERATING OPERATING NETNET INCOME INCOME SURPLUSSURPLUS GROUPGROUP SHARE SHARE +5%+5% +41+%41% ComparedCompared to 2015 to 2015 ComparedCompared to 2015 to 2015 77 1515 PATENTSPATENTS MARKETEDMARKETED PRODUCTSPRODUCTS 930.5930.5MMADMMAD 88,966,966MMADMMAD VOLUMEVOLUME MARKETMARKET OF INVESTMENTSOF INVESTMENTS CAPITALISATIONCAPITALISATION ACHIEVEDACHIEVED AS OFAS DECEMBEROF DECEMBER 31st 31st 2121 2626 INDUSTRIALINDUSTRIAL INDUSTRIALINDUSTRIAL UNITSUNITS PROCESSESPROCESSES 4 5 Diversité Managem Annual Report 2016 HISTORY SINCE 2000’s 2010 90’s DEVELOPMENT INTERNATIONAL ACCELATION DEVELOPMENT 80’s LARGE-SCALE AND VENTURES PROJECTS DEVELOPMENT 1969 ACTIVITY 1973 STRUCTURING AND MODERNIZATION MINING 1928 PRODUCT 1930 DIVERSIFICATION 2000 2012 INTRODUCTION OF MANAGEM LAUNCHING 1992 GOLD TO THE STOCK EXCHANGE OF THE OPENING PRODUCTION OF THE GUEMASSA START OF IN BAKADOU, 1982 POLYMETALLIC GABON COBALT-BASED OPENING MINE 2002 ACTIVITY OF THE BLEIDA OPENING COPPER MINE OF THE KINIERO GOLD 2013 MINE IN GUINEA 1969 1997 START OPENING PRODUCTION OF THE GOLD MINING OF THE IMITER 1988 OF HIGH-PURITY ACTIVITY IN SUDAN SILVER MINE ESTABLISHMENT COBALT CATHODES 2004 - 1928 OF REMINEX, - OPENING RE-OPENING DISCOVERY A SUBSIDIARY FOR IN-HOUSE FIRST OF THE SAMIRA HILL GOLD OF THE BLEIDA MINE OF THE BOU-AZZER 1973 ENGINEERING INTERNATIONAL MINE IN NIGER AND START OF THE COPPER COBALT DEPOSIT OPENING AND R&D PERMIT - OXYDE PRODUCTION OF THE EL HAMMAM ACQUISITIONS OPENING FLUORINE MINE N GUINEA OF THE POLYMETALLIC MINE 1930 IN DRAA SFAR, 2014 MOROCCO OPENING LAUNCHING OF THE GROUP’S OF THE COPPER FIRST MINE PRODUCTION (COBALT 2007 N THE OUMEJRANE PRODUCTION) OPENING OF MINE THE AKKA COPPER MINE IN MOROCCO 2016 ACQUISITION 2009 OF THE TRI-K LAUNCHING PROJECT OF THE SULFURIC IN GUINEA ACID PRODUCTION IN GUEMASSA 6 7 Diversité Managem Annual Report 2016 Region neighbouring the Guemassa Complex The group’s results in progression New presidency Turnover: and reinforcement 4,377 M MAD, of the BoarD up 60 M MAD of Directors from 2015 ———— Current operating income increase “VISION 2020”: of 66 M MAD New development compared with 2015 Strategy The Group’s share of the Group of net profit ———— increase of 84 M MAD ———— Positive discoveries of new mineral reserves around the operating mines SILVER + 653 tonnes Strong operational of discovered métal performance COPPER Strong • Successful start of production at Ouanssimi; + 4.5 millions tonnes engagement • Significant increase in Copper production; mixed grade consolidated • Improved SMI Silver production by means COBALT in sustainable of improved performance; 3,624 tonnes of métal development • Significant increase of treated Gold 2016 COP22 Branding in the Bakoudou Gold mine; POLYMETALLIC of two Managem • Exceeding 2,000 tonnes of Cobalt for the first time + 1.9 million tonnes HIGHLIGHTS projects in the hydrometallurgical complex of Guemassa. mixed-grade ———— ———— ———— Tri-K Project On October 7th 2016, Managem established a partnership agreement with Avocet and Elliot. The Tri-K Project is a gold mining project located in the Prefecture of Mandiana in Guinea. The project was initially developed by the company Avocet Mining, with an investment of 39 MUSD in research and feasibility study. This was then followed by the signing of a mining convention on December 19th 2016, between the Guinean state, Managem and Avocet Mining. Throughout 2017, a feasibility study will be completed in order to confirm the presence of reserves, which are estimated to reach 1 Moz. The start of the construction shall then begin early 2018. 8 9 Diversité Managem Annual Report 2016 PRESIDENT’S STATEMENT For Managem 2016 was a year of significant In the wider commodity market, it was also progress building on the foundations that had pleasing to note was that, after a year of decline, been put in place during 2015. base metal prices registered a sharp rise in 2016. Base metals and Cobalt experienced sustained Our operational performances were strong, Copper growth in the second half of the year, although production increased 19 per cent with cash costs precious metals did experience a relative decline decreasing 15 per cent, SMI silver production at the end of the year, following three consecutive improved 7 per cent, gold tonnage processed at quarters of increases. Bakoudou increased significantly by 21 per cent, the extraction rate at Draa Sfar was up by 6 per Whilst we are often judged by our financial and cent and we exceeded, for the first time, 2,000 operational performances, our business is built tonnes of Cobalt in Guemassa. New mineral upon Managem’s 10 commitments. These are at reserves have also been identified around our the core of everything we do at Managem and projects which will add to life of mine projections. we endeavour to ensure that as we carry out our operations we are seen as good corporate citizens Our strategy remains to become a diversified in all the areas we operate. In addition we strive to mining company both in Morocco and inter- maintain the well being of all our staff, contractors nationally. This is being successfully delivered and the environment that we operate in. This by forging strategic partnerships as we build a remains of the utmost importance. balanced portfolio varied geographically and by commodity. Our vision remains unchanged, and we are confident that in the coming year we will continue As such we continue to position Managem as one to make progress towards this. of the largest intermediate size Gold producers in Africa looking to achieve production in excess I would also like to take this opportunity to thank of 250,000 ounces a year by 2020 and, in line with our staff, contractors and stakeholders for their this, we were delighted to announce that we have continued efforts during the year. Thanks to all entered into the TRI-K, a Gold project in Conakry, their efforts and support the Board believe that Guinea. We believe this is an excellent project and Managem is set to deliver another strong year. much of this year will be devoted to completing the bankable feasibility study to confirm that the project has one million ounces of reserves. We hope to be able to start the construction M. Imad Toumi of the project in early 2018. President of Managem Group 10 11 Diversité Managem Annual Report 2016 Silver ingot produced in SMI Managem Annual Report 2016 Company Overview Page 3 Development Page 50 Key figures 2016 Page 4 Projects in Morocco Page 51 History Page 6 African Projects Page 53 2016 Highlights Page 8 Financial Overview Page 54 President’s Statement Page 11 SUSTAINABLE DEVELOPMENT Page 58 PRESENTATION of the 10 Commitments of Managem Page 60 MANAGEM GROUP Page 14 Awards 2016 Page 62 Strategy Page 15 Health and Safety Conditions Page 64 Organisation of the group Page 16 Environmental Engagement Page 66 Governance and Capital Structure Page 17 Waterfront Communities Page 70 Shareholding Structure Page 18 Managem projects for Cop22 Governing Structure Page 19 Groups energy policy Page 72 Management Committee Page 20 Development of Human Capital Page 74 Risk Management Page 22 2016 HR Strategy Stock Market Presence Page 25 Development of Skills Page 79 Projects in Morocco and in the World Page 26 2016 Highlights 2016 ACHIEVEMENTS Page 38 CONSOLIDATED FINANCIAL Market Review Page 39 STATEMENTS Page 86 Production Results Page 44 Production by Commodity Page 44 Production by Operation Page 47 Research Assessment Page 49 12 13 Diversité Managem Annual Report 2016 Treatment factory in the Guemassa Complex STRATEGY 2016 is a milestone for Managem as it announces the start of the “2020 Vision” as well as a new five-year development strategy. 2020 BEING A DIVERSIFIED REGIONAL LEADER,
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