(Mike Maharrey, Money Metals News Service) Africa’s wealthiest king wants to get wealthier.
Naturally, he’s looking for more gold.
Managem Group, a Moroccan mining company owned by the royal family, recently announced a $750 million investment to increase gold production by 134 percent.
Moroccan King Mohammed VI is the richest African leader, with a net worth estimated at $5 billion. As Business Insider Africa put it, Mohammed “continues to shape Morocco’s economic future through strategic investments like those in Managem.”
With the expansion, Managem hopes to increase gold production from 213,000 ounces in 2025 to 500,000 ounces annually by 2030.
Managem is evolving into a major player in African gold mining. It operates in eight African countries, including flagship operations in Sudan, the Democratic Republic of Congo, Gabon, and Senegal. It also oversees mines in Morocco, Guinea, and Côte d’Ivoire.
Rising gold prices are making mining more lucrative. According to Business Insider Africa, the company’s gold production rose 26 percent in 2025. Thanks to a 44 percent jump in gold prices, the yellow metal accounted for more than half of the Managem’s earnings, which were up a healthy 55 percent to $1.3 billion last year.
Managem also reported an 18 percent increase in silver production last year.
According to Business Insider Africa, the company’s expansion includes two new mines. The Etéké project in Gabon is expected to start producing gold in 2028, with an estimated output of 60,000 ounces per year. Additionally, the Karita project in Guinea is currently in the feasibility stage. The mine is projected to produce 200,000 ounces annually starting in 2029.
Despite a recent dip in gold prices in the midst of the U.S./Israel-Iran war, company officials expect the bull market in gold to continue into the foreseeable future. They say these new investments are “aligned with these favorable conditions, positioning the company for further growth in a strong gold market.”
Africa Turning to Gold
African mines produce an average of 650 tonnes annually, according to World Gold Council data. That accounts for about 18 percent of global gold mining production. However, WGC analysts caution that we should treat continent-wide figures cautiously because of the significant amount of undeclared artisanal and small-scale mining.
Many African countries are tapping into local gold production to boost their gold reserves and lower their dependence on the U.S. dollar.
African central banks buying gold from local production include Tanzania and Zambia. Ghana recently inked deals with several in-country mining companies to buy 20 percent of their output.
In 2024, Tanzania announced a plan to spend $400 million on six tons of gold. Tanzania Finance Minister Dr. Mwigulu Nchemba also issued a directive to curb the widespread use of the U.S. dollar in the country.
The Bank of Namibia announced plans to begin accumulating gold last May, with the goal of increasing it to 3 percent of total reserves. A bank statement said, “This aligns with global central banking trends, given gold’s strategic value in hedging against inflation and enhancing resilience during economic shocks.”
Last summer, the National Bank of Rwanda announced plans to expand its gold reserves.
“Similar to our peers, the central bank of Rwanda is conducting a study to see whether gold can be embraced as an additional asset that we can invest in, given its ability to counter shocks on financial markets and as a hedging option in terms of external shocks,” NBR Governor Soraya Hakuziyaremye said.
Nigeria has launched a domestic gold-buying plan to bolster its reserves. In addition to buying locally sourced gold, the Nigerian central bank has announced plans to bring its existing gold reserves back into the country “to mitigate risks associated with the weakening U.S. economy.”
“Economic indicators such as rising inflation, escalating debt levels, and geopolitical tensions have raised apprehensions among Nigerian policymakers about the stability of the U.S. financial system.”
Meanwhile, the Ghanaian government recently announced a scheme to buy 127 tonnes of gold from “artisanal” and small-scale mining (ASM) every year in an effort to stem smuggling.
In the recent World Gold Council Central Bank Survey, 19 central banks reported buying gold from local artisanal and small-scale miners using domestic currency. That was up from 14 in the previous survey.
Buying domestically mined gold saves money, as local miners typically sell to their central banks at a slight discount. In some cases, these deals are voluntary, as small mine operators are happy to have a reliable, steady customer. However, miners are often obligated to sell gold to their country’s central bank on the cheap.
Mike Maharrey is a journalist and market analyst for Money Metals with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.
