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Moroccan Phosphate Exporter OCP Posts 53 Pct Slide In Net Profit

Thu, 03/23/2017 - 13:06

by Samia Errazzouki

Morocco’s Office Cherifien de Phosphate (OCP), the world’s leading phosphate exporter, posted a 52.8 percent fall in full-year net profit, the company said on Thursday. State-run OCP, a major foreign currency earner for Morocco, has been hit by a slide in phosphate and fertiliser prices, prompting efforts to increase production and cut costs to counter falling revenue.

Net profit fell to 3.78 billion dirhams ($379 million) in 2016 from 8.01 billion dirhams a year earlier, the company said in a statement published in Le Matin newspaper.

Consolidated revenues fell last year to 42.47 billion dirhams from 47.74 billion dirhams, company data showed. OCP is also targeting an increase in fertiliser production to 12 million tonnes to become the world’s leading producer. It recently signed a 50-50 joint-venture agreement with India’s Kribhco for a new fertilizer plant in the Indian region of Andhra Pradesh with an annual production capacity of 1.2 million tonnes.

It has also signed a deal with the Ethiopian government to build a $3.7 billion plant to produce fertilizers in eastern Ethiopia. [nL8N1DK0BR] OCP Chief Executive Mostafa Terrab was quoted in Morocco’s L’Economiste newspaper on Thursday as saying the company’s mining capacity had “significantly progressed”. “International demand remains strong as a whole, with an increase in fertilizer consumption held up by a drop in prices,” the company said in a statement in the paper. Exports to Africa increased by 70 percent in 2016, reaching 1.7 million tonnes, OCP said.

(Reporting by Samia Errazzouki; Editing by David Goodman and David Evans) ((Aidan.Lewis@thomsonreuters.com ; +216-29850352;)) Keywords: MOROCCO OCP/RESULTS (UPDATE 2)

Sogefi Will Open First Africa Plant In Morocco

Wed, 03/22/2017 - 17:36

Automotive News Europe
David Jolley

Italian supplier Sogefi plans to open a new factory in Morocco to build engine filtration systems. It will be the company’s first industrial site in Africa.

Sogefi will invest up to 10 million euros in the plant, which will begin manufacturing a diesel filter and an oil filter for various automakers starting 2018.

The company says it has already received new orders for both the local market and the European market that will generate additional annual sales of 30 million euros from 2020.

The factory in Tangier will employ 120 people, but Sogefi says new business opportunities may lead to an expansion of the plant and a rise in the number of employees to 300. This could provide annual sales of 60 million euros in 2021, the supplier said.

“This investment further strengthens the competitiveness of Sogefi’s manufacturing base and provides support for profitable growth in Morocco and in Europe,” Sogefi’s CEO, Laurent Hebenstreit, said in a statement.

Moroccan expansion

Moroccan car production has grown in recent years as foreign automakers invest in or are planning to invest in a market that Sogefi predicts will reach a production volume of about 1 million vehicles annually by 2025.

Renault operates two factories in Morocco: its factory in Tangier produces Dokker, Lodgy and Sandero models alongside body pressings for export. A plant in Casablanca builds Logan and Sandero models.

Renault recently announced plans to invest $1.04 billion in the country, along with a partner group of suppliers, to build an “industry ecosystem” to help boost local production of components.

French rival PSA Group has also unveiled plans to build a $630 million factory in Morocco to assemble subcompact and compact models for Africa and the Middle East starting in 2019.

You can reach David Jolley at djolley@crain.com.

Morocco, China Firm Sign Agreement To Launch Industrial Park In Tangiers

Wed, 03/22/2017 - 17:01

China Post

Morocco and China’s Haite Group signed an agreement on Monday to launch an industrial park near Tangiers for 200 Chinese companies that will create tens of thousands of jobs.

The agreement was signed in a ceremony at the royal palace in the port city attended by King Mohammed VI. With an initial investment of US$1 billion, “Mohammed VI Tangier Tech City” aims to generate 100,000 jobs, including 90,000 for employees from the Tangiers area.

“Chinese economic operators are looking for competitive platforms and they have chosen Morocco as one of those platforms,” Industry Minister Moulay Hafid Elalamy told AFP.

Taqa Morocco Says 2016 Profits Rise 11.4 Oct On Better Performance, Coal Prices

Wed, 03/22/2017 - 11:54

by Samia Errazzouki

Taqa Morocco, which supplies about 38 percent of the country’s electricity supply, said on Wednesday its 2016 net profit rose by 11.4 percent to 978 million Moroccan dirham ($98.07 million), citing improved operations and lower coal prices.

Owned by Abu Dhabi National Energy Co, Taqa Morocco operates the largest coal-fired power plant in the Middle East and North Africa. Its revenues fell 8.5 percent to 8.05 billion dirhams, the company said.

However, operations benefited from a 14 percent drop in coal prices, it said. Consolidated margins have improved by 32 percent in 2016, up from 28 percent last year, the company said.

Reporting by Samia Errazzouki ((pat.markey@thomsonreuters.com; +213-661-692993; Reuters Messaging: pat.markey.thomsonreuters.com@reuters.net))

Morocco Official Elected As AIPU Head

Wed, 03/22/2017 - 10:35

Source: Xinhua

The 24th Conference of the Arab Inter-Parliamentary Union (AIPU) closed here on Tuesday by electing Speaker of Morocco’s House of Representatives Habib El Malki as a new president of the union.

The Moroccan speaker will replace Nabih Berri, speaker of the Lebanese parliament, whose mandate has ended.

In a speech on the occasion, El Malki thanked all Arab MPs for their trust and the spirit of consultation that rained during the conference.

The conference was held for two days under the theme “consolidation of Arab joint action.”

He also vowed the will of the AIPU to find solutions to the various challenges facing the Arab world.

Founded in 1974, AIPU is an Arab parliamentary organization composed of parliamentary groups representing Arab Parliaments with the aim of strengthening joint Arab action.


Chrissy Teigen And John Legend Ride Camels In Morocco As They Continue Picturesque Holiday With Baby Luna

Wed, 03/22/2017 - 03:48

Daily Mail
By Dailymail.com Reporter

They have been making everyone green with envy thanks to their beautiful holiday pictures from Morocco.

And Chrissy Teigen and John Legend aren’t ready to stop if there Instagram profiles are anything to go by.

Chrissy took to Instagram on Tuesday to share a picture of herself all dolled up posing next to a camel.

Holiday vibes: Chrissy took to Instagram on Tuesday to share a picture of herself all dolled up posing next to a camel.

In the photo the Sports Illustrated model wore a full face of make-up, complete with purple lipstick, dark smokey eyes and a contoured face.

She added some dramatic hoop earrings as she swept her famous long locks away from her face.

The model wore a plunging black jumpsuit and a little gold belt to complete her look.

Living like a Queen: She shared another photo of her actually laying across the camel with her hand in the air.

She shared another photo of her actually laying across the camel with her hand in the air.

In another snap she is seen kissing her award-winning husband’s cheek as she lifts one leg in the air.

John made sure to match his fashionista wife as he wore a suave black ensemble.

John got in on the social media action also as he shared a pic of him and Chrissy sitting on their respective camels.

Love is in the air: In another snap she is seen kissing her award-winning husband’s cheek as she lifts one leg in the air.

The doting daddy also posted a picture of him and his little girl Luna, who is turning one on April 14.

His little girl is sitting sweetly next to him with a pink scarf draped around her head and body.

The model has been documenting her stay in Morocco all over Snapchat and Instagram.

The Lip Sync Battle co-host donned a pair of large designer sunglasses as she swept her locks back away from her face.

Morocco’s Tangiers To Host Chinese Industrial City

Tue, 03/21/2017 - 12:09

Your middle east

Morocco and China’s Haite Group signed an agreement on Monday to launch an industrial park near Tangiers for 200 Chinese companies that will create tens of thousands of jobs.

The agreement was signed in a ceremony at the royal palace in the port city attended by King Mohammed VI.

With an initial investment of $1 billion, “Mohammed VI Tangier Tech City” aims to generate 100,000 jobs, including 90,000 for employees from the Tangiers area.

“Chinese economic operators are looking for competitive platforms and they have chosen Morocco as one of those platforms,” Industry Minister Moulay Hafid Elalamy told AFP.

“The project is scheduled to take 10 years” and work will start in the second half of 2017, he said.

It will serve as the North Africa base for Chinese companies operating in the sectors of automobile manufacturing, aeronautics and textiles.

Total investments by companies from China over 10 years will amount to $10 billion, said Li Biao, president of the Chinese group, quoted by Morocco’s news agency MAP.

Morocco has launched an industrialisation drive centred on Tangiers which is being turned into a hub with a free trade zone and deepwater harbour.

Traveling To Morocco? Here’s What To See In Rabat

Tue, 03/21/2017 - 09:33

Travel Pulse
Destination & Tourism – Janeen Christoff

PHOTO: The quiet city of Rabat in Morocco. (photo via Flickr/Anthony Tong Lee)

Rabat is like a visitor’s “starter Morocco.” It hits all the cultural marks without overwhelming travelers with its bustle. A new report in Traveller gives some insight into how to explore this marvelous city.

“The capital is a conservative, orderly and uncrowded town of wide avenues and French-era squares with a quirky medina (old town) at its center and an imposing kasbah (fortress) overlooking the sea and its river,” writes Brian Johnston.

Definitely include a visit to the Chellah, says Johnston.

“The Chellah has the remains of an old Roman trading post and later fortifications, topped with storks’ nests and scented with orange trees,” he says.

Experience traditional Moroccan cuisine at Le Dinarjat.

“The traditional Moroccan cuisine is as good as the romantic decor in this Andalusian-style courtyard house in the medina,” he says.

And the big must-do before you leave is the Kasbah des Oudaias.

READ MORE: 4 Reasons Morocco is Best Experienced By Group

“Check out its ornate and monumental entrance gate, Andalusian Gardens, old mosque and tea houses before browsing art galleries and admiring the views,” says Johnston.

For more on traveling to Rabat, read on here.

Morocco’s Central Bank Keeps Interest Rate At 2.25 Pct

Tue, 03/21/2017 - 06:37

by Samia Errazzouki

Morocco’s Central Bank said on Tuesday it was holding its benchmark interest rate unchanged at 2.25 percent and that it expects economic growth to reach 4.3 percent due to a recovery in agricultural output.

The bank said inflation had remained stable at 1.6 in 2016, as forecast. In January 2017 inflation rose to 2.1 percent, but it is expected to fall to 1.1 later in the year, the bank said.

(Reporting by Samia Errazzouki; Writing by Aidan Lewis; Editing by Robin Pomeroy)

Chrissy Teigen & John Legend Take Luna To Morocco

Sun, 03/19/2017 - 07:55

by Stephanie Petit

Chrissy Teigen and John Legend‘s daughter Luna Simone hasn’t even celebrated her first birthday yet, but she already has some impressive stamps on her passport!

The family of three jetted off to Marrakech, Morocco, with the 31-year-old model documenting the entire trip on social media. She posted a romantic shot with her husband of three years in a picturesque foyer. Teigen showed off her modeling skills in a mustard colored dress, cupping Legend’s face as they posed for the snap.

Luna got some love on Instagram from both of her parents. Teigen shared a photo holding her daughter at a marketplace, both covered by a pink shawl.

Legend, 38, also gave a look at his “vacation vibes,” posting a cute selfie with his daughter before sharing an adorable picture of Luna looking through some books while sitting on the floor.

“Light vacation reading,” he captioned the image.

Teigen and Legend managed to enjoy some alone time during their getaway as well. Their friends celebrity hairstylist Jen Atkin and photographer Mike Rosenthal — who joined them on the trip — took on babysitting duties for their pals’ 11-month-old daughter, with Atkin sharing photos of her husband carrying Luna on Snapchat.

Atkin and Rosenthal also put their own spin on their pals’ photo in the foyer. The hairstylist rocked a white jumpsuit ahead of a double date with their pals.

The model and her actor-musician husband recently revealed to PEOPLE that they weren’t always #couplegoals.

“We were always different,” Legend said. “I was always a little bit more buttoned-up, and she was always more brash and free.”

“I would get a little nervous at first with some of the things she would say, because I didn’t know how people would react,” the La La Land star admitted. “I usually played it more safely.”

But Teigen’s bold, infectious spirit quickly had him head over heels, and changed him for the better.

“I think she’s brought me out of my shell a bit, and made me enjoy life a little bit more,” Legend adds. “It’s been fun to grow together in that.”

Morocco Says Africa Able To Overcome Challenges Thanks To Vast Natural, Human Resources

Sat, 03/18/2017 - 01:41

Source: Xinhua

Morocco believes in Africa’s capacity to rise to the challenges facing it and to ensure sustainable human development for its peoples, thanks to its vast natural and human resources, King Mohammed VI said on Friday.

“Achieving the African renaissance we yearn for hinges, however, on how much belief we have in ourselves, how far we rely on our own capacities and potential, and how well we exploit them, within the framework of mutually-beneficial South-South cooperation and solidarity-based, strategic partnerships,” the king said in a message addressed to the participants in the 2017 edition of the Crans Montana Forum, which kicked off in the southern city of Dakhla.

“I am sure we can rise to these challenges,” he insisted, saying that Africa is governed today by a new generation of pragmatic leaders, uninhibited by outdated ideologies who are working with a high sense of patriotism and responsibility to achieve their countries’ stability, political openness, economic development and social progress.

The King said that South-South cooperation, which is based on the culture of sharing and solidarity, is “the mechanism that will enable our countries to exchange their expertise directly and immediately. It will help improve our field experience, make the most of our complementarities and expand our national markets.”

This cooperation “will also open up new opportunities for efficient and beneficial investment and achieve effective sustainable human development, while respecting each country’s national sovereignty, as well as the principles of mutual esteem and equality,” the Sovereign noted.

Crans Montana Forum is attended with the participation of more than 150 countries represented by high-level personalities.

AGC Automotive Induver Morocco Lays Foundation Stone For Its Automotive Glass Plant In Kenitra (Morocco)

Fri, 03/17/2017 - 23:51


The foundation stone for the new automotive glass production plant being built for AGC Automotive Induver Morocco was laid on Wednesday 15 March in the presence of the Moroccan minister of Industry and Commerce, Mr. Moulay Hafid Elalamy, together with many other personalities from the worlds of politics, industry and the media.

© AGC Glass Europe
Joint venture between AGC Automotive Europe and Induver

The project for the new plant being built at Kenitra in the northern coastal region of the country is the result of a joint venture between AGC Automotive Europe and the Moroccan glass producer Induver.

This initiative marks the AGC Group’s first operations in Africa. AGC Automotive Induver Morocco will produce toughened glass for backlites and sidelites together with laminated glass for windscreens.

The plant will have sufficient capacity to supply around 1,100,000 car sets per year and should be operational in 2019, employing around 600 people.

Plant promises local development

The new plant is ideally situated to meet the demand for automotive glass in North Africa and the South of Europe. It will also benefit from a free trade zone set up to attract companies operating in the automotive industry and so to develop a major industrial concentration in this sector.

“Once the AGC culture of automotive excellence has been properly established here, our ambition is to see this plant managed 100% by a local team, in line with our policy in this area,” declared Jean-Marc Meunier, General Manager of AGC Automotive Europe.

Hakim Abdelmoumen, General Manager of Induver, for his part welcomed the prospect of producing the complete carset (windshields, backlites and sidelites) in large series for the first time in Morocco. “This wider offer will further raise the local content of vehicles built in Morocco and boost the added value created locally.”

Morocco Sees G-20 As Key To `Compact With Africa’ Initiative

Fri, 03/17/2017 - 23:25

by Weixin Zha18

The Group of 20 meeting of finance ministers and central bank governors in Baden-Baden, Germany, was a “first step” to kick start private investment in Africa, Moroccan Finance Minister Mohamed Boussaid said.

“This new initiative is completing and accelerating the visibility the continent will have on the worldwide private sector,” Boussaid said in an interview on Saturday. The finance ministries of the G-20 will support partnerships that for the first time will focus on promoting private investment, he said.

Germany, the European Union’s largest economy, started a program called “Compact with Africa” as part of its presidency of the G-20 to build up the continent’s economies and stem migration to the bloc, which has attracted more than 1 million refugees since 2015. Talks on so-called investment partnerships have started with the Ivory Coast, Morocco, Rwanda, Senegal and Tunisia, according to the German Finance Ministry.

The initiative started with the most dynamic, most economically and politically stable African countries and will expand further, Boussaid said. Existing investments in Morocco should be complemented by attracting more companies into the sectors of renewable energy, automotive, aeronautics, tourism and agriculture.

The G-20 can set the right conditions with international organizations and partner countries for investments in infrastructure and in small- and medium-sized companies, German Finance Minister Wolfgang Schaeuble told reporters after the gathering. “We may not leave Africa’s potential unused,” he said.

Morocco Trade Deficit Up 21.7 Pct Y/Y In Jan-Feb

Fri, 03/17/2017 - 17:27

by Samia Errazzouki

Morocco’s trade deficit rose 21.7 percent to 26.71 billion dirhams ($2.66 billion) year-on-year in January and February, the foreign exchange regulator said on Friday, citing increased imports.

(Reporting by Samia Errazzouki; Writing by Aidan Lewis; Editing by Gareth Jones)

Morocco’s Saham Assurance Reports 17 Pct Fall In 2016 Net Profit

Fri, 03/17/2017 - 17:19

by Samia Errazzouki

Morocco’s Saham Assurance on Friday reported a 17.2 percent fall in 2016 net profit to 282 million dirhams ($28.2 million), the insurance company said in a statement.

(Reporting by Samia Errazzouki; writing by Aidan Lewis; editing by Jason Neely)

Will Smith: ‘Morocco Is The Truth!’

Fri, 03/17/2017 - 09:48

Middle East Monitor

“Morocco is the TRUTH!” Hollywood actor Will Smith wrote on Facebook after his recent trip to the North African country earlier this month.

In a post published on Wednesday, Smith said: “Special Shout Out to photographer Hassan Hajjaj and all my people in Marrakech. Morocco is the TRUTH!”

Images accompanying the comment showed a number of locals in traditional dress and Smith himself wearing a multi-coloured outfit and traditional Moroccan shoes. Unfortunately, he had the shoes on the wrong foot and instead of the Arabic writing reading “biladi”, my country in Arabic, the shoes read “di” “blah”.

Smith paid a visit to Morocco’s artists’ residence of Al Maqam, outside of Marrakech, where he appeared in a YouTube video dancing to the traditional rhythms of Gnawa in traditional dress.

Smith’s Morocco visit comes after a trip to Egypt where pictures emerged on local media showing excited fans taking selfies with the actor at Cairo’s International Airport.

You’ll Never Believe What Charlie Chaplin’s Granddaughter Is Doing In The Moroccan Desert

Fri, 03/17/2017 - 08:14

People Celebrity
by Ale Russian


She may be Hollywood royalty thanks to her famous grandfather, but Kiera Chaplin isn’t afraid to get a little extreme.

The 34-year-old granddaughter of Charlie Chaplin is participating in the Rallye Aïcha des Gazelles du Maroc — an off-roading rally in the Moroccan desert that has the women-only participants rely on old-school navigation techniques to get through a series of obstacles and checkpoints every day. After two weeks, the team who completes the race with the fastest time and the least number of miles wins the rally — but Chaplin isn’t thinking that far ahead.

“I’m a little scared and nervous,” the New York luxury realtor admits to PEOPLE about her first time in the rally. “But I’m going for the experience, I’m not going in thinking I need to win. I just want to go in and do the best that I can do.”

Every morning, the teams receive a Road Book — a document that contains only the geographic coordinates or headings and distances of the day’s checkpoints and finish line. Using a compass, a navigational plotter and maps, the “Gazelles” plot their route and plan their itinerary to find the most efficient route to get to the finish line. In the end, the teams will be driving a total of eight days — and Chaplin says it’s all about strategy over driving skills.

“My driving is as bad as it gets — I got my driver’s license in L.A.,” Chaplin, a former model, says. “I live in New York so I don’t drive that often, but this is more about technique. It’s fun that I’m not a big driver and I’m doing this — it shows anyone can do anything if they set their mind to it. I’m excited about meeting all of these incredible women from all walks of life and all around the world that are doing it and feeling empowered by the experience.”

Chaplin was born in Ireland but grew up in Switzerland in the same town where her iconic grandfather immigrated to in 1952 after political persecution in the United States. And although she had a normal childhood in a quiet European town, she always knew about her famous roots.


The Chaplins from left to right: Kiera’s dad Eugene, Charlie with daughter Jane on his lap, Geraldine, his wife Oona holding Annette, Michael, Victoria and Josephine

“It was fairly normal, except that half of the bars and restaurants are called Chaplin’s or Charlie’s,” she jokes. “It’s very quiet compared to L.A. — no one really bothered me when I was growing up and it didn’t seem like anything special. Whereas when I moved to L.A. suddenly people started saying to me, ‘Oh you’re Hollywood royalty!’ “

Still, there was a moment in her early childhood where she says she decided to look in the dictionary at school and found him mentioned. It was the moment when she realized, “Wow, okay, he must be a bigger deal than I think.”

But Chaplin insists she didn’t know how wide-reaching her grandfather’s fame was until she started traveling through her modeling work and encountered people from all walks of life who would fondly remember the famous Charlie.

“I feel like he always gets such a positive response, people really admire him and respect him a lot and he brought a lot of laughter,” she says. “It’s nice to see so many people that loved him and still love him. So many people have little stories to tell and they ask me questions.”

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Morocco’s King Replaces PM Benkirane Amid Post-Election Deadlock

Thu, 03/16/2017 - 17:17

By Samia Errazzouki

Moroccan King Mohammed VI is replacing Prime Minister Abdelilah Benkirane and will ask another member of the Islamist Justice and Development Party (PJD) to form a government after five months of post-election deadlock, a statement from the royal cabinet said on Wednesday.

The king took the decision “in the absence of signs that suggest an imminent formation” of a government and due to “his concern about overcoming the current blockage” in political negotiations, the royal statement said. It did not say who he would name to replace Benkirane.

Benkirane had been reappointed after the PJD, which first came to power in 2011, increased its share of the vote in October elections, maintaining its position as the biggest party.

Under Morocco’s election law, no party can win an outright majority in the 395-seat parliament, making coalition governments a necessity in a system where the king still holds ultimate power.

But the PJD’s relations with a former coalition partner, the conservative Istiqlal party, soured over economic reforms, and talks over formation of a government with the centre-right National Rally of Independence (RNI) stalled.

Benkirane’s efforts have met with resistance from parties that critics say are too close to the palace. Royalist supporters have been reluctant to share power with Islamists since the king ceded some powers in 2011 to ease protests.

The palace says the king maintains the equal distance from all parties and dismisses claims of royal interference.

Concern has mounted about the impact of the political impasse on Morocco’s economy. This year’s budget, which should have been approved by parliament by the end of 2016, cannot be passed until a government is in place.

Speculation had been building that King Mohammed would attempt to break the political deadlock following his return on Tuesday from a tour of African states.

The palace statement said the king would receive the new prime minister soon, and would task him with forming a government.

The king thanked Benkirane for his service as prime minister, praising him for his “effectiveness, competence and self-sacrifice”.

A source in the PJD told Reuters the party will be meeting Thursday morning to discuss the king’s decision, which Benkirane said he accepted.

“This is our king and he came to a decision under the framework of the constitution, which I’ve always expressed support for,” he told Reuters.

“I’m going to perform ablution, pray, and continue working on the ground.”

(Writing by Aidan Lewis; Editing by James Dalgleish and Lisa Shumaker)

Lebanese Businessman Wanted By US Detained In Morocco

Thu, 03/16/2017 - 17:06

by The Associated Press

A Lebanese businessman that the U.S. says has provided millions of dollars to the Hezbollah militant group has been arrested by Moroccan authorities, his lawyer said Thursday.

The lawyer for Kassim Tajeddine said he was arrested in Casablanca on Sunday while on his way from Guinea to Beirut.

“We now know there is an extradition order from the U.S. authorities,” attorney Chibli Mallat said in an emailed response to questions from The Associated Press.

Mallat said another lawyer who was appointed in Morocco saw Tajeddine in prison in Sale, near the capital, Rabat. “He is in good spirits and is treated adequately,” Mallat said.

The U.S. Treasury Department says Tajeddine is “an important financial contributor to Hezbollah” who was listed as a Specially Designated Global Terrorist in May 2009.

Tajeddine’s family issued a short statement saying the businessman is with Moroccan authorities and “is in good health.” It urged those seeking further information about Tajeddine to contact the family.

The U.S. treasury says Tajeddine funneled proceeds from Tajco, a multi-national business venture, to Hezbollah. The Shiite militant group has gone to war with Israel in the past and is now fighting alongside Syrian President Bashar Assad’s forces.

Hezbollah, which has members in Lebanon’s parliament and Cabinet, is considered a terrorist organization by Washington.

Moroccan Miner Managem Reports 41 Pct Jump In 2016 Net Profit

Thu, 03/16/2017 - 14:56

by Samia Errazzouki

Top Moroccan miner Managem reported a 41 percent rise in annual net profit to 289 million dirhams ($29 million) on Thursday helped by higher output and a rebound in metals prices.

Managem said significant discoveries had led to higher production, including a 32 percent rise in silver, 4 percent in cobalt, and 8 percent in zinc.

Increases in copper and silver production mitigated a decline in gold production in the Bakoudou mine in Gabon, it said.

Operating profit rose 9 percent to 673 million dirhams on consolidated sales up 1 percent at 4.377 billion dirhams.

Managem subsidiary Imiter Metallurgical Co (SMI), which operates in the Imider area, said its net profit rose 25 percent to 293 million dirhams.

The world’s seventh-biggest producer of silver, SMI said it saw a 32 percent increase in production in the second half of the year.

Managem said it would propose a dividend of 21 dirhams per share, while SMI said it would propose a dividend of 150 dirhams.

Managem produces gold, silver, cobalt and copper in Morocco and Gabon and is controlled by SNI, the Moroccan royal family’s holding company.

It recently signed a $100 million mining contract with Guinea which is projected to produce 100,000 ounces of gold a year.

(Reporting by Samia Errazzouki; editing by Aidan Lewis and Jason Neely)