Why Africa's richest king is betting big on gold 47 years after 'Gold River' victory

Morocco's King Mohammed VI is making a major push into Africa's gold industry as his family-owned investment group backs a $750 million expansion of gold mining operations. The move comes as Morocco marks 47 years since the event referred to as the “Gold River” victory, while rising gold prices are making African mining projects increasingly attractive, a Business Insider Africa report stated.

From 'Gold River' victory to Africa's gold rush

King Mohammed VI has ruled Morocco since 1999 and is considered Africa's richest monarch, with an estimated net worth of $5–10 billion, or about ₹47,000–₹95,000 crore.

His family's wealth is closely linked to Al Mada, a Casablanca-based investment holding company founded in 1966. The group has interests across banking, telecommunications, energy and mining, including major stakes in Attijariwafa Bank and Managem.


The king's growing interest in gold comes as African nations seek to make greater use of their mineral resources. Morocco's own history and its long-standing focus on the region add another layer to the timing of the expansion.

Why Managem is putting $750 million into gold

As per Business Insider Africa, Managem Group, owned by Al Mada, plans to invest $750 million, to increase its annual gold production. The company produced 2,13,000 ounces of gold in 2025 and aims to reach 5,00,000 ounces a year by 2030. That represents an increase of about 134%.

The investment will support mining operations across seven to eight African countries, giving Managem a much larger footprint in the continent's gold industry.

Higher gold prices have also strengthened the business case for the expansion. According to Business Insider Africa, Managem's gold production rose 26% in 2025, while gold prices jumped 44%.

Gold contributed more than half of the company's earnings during the year. Managem's revenue rose 55% to $1.3 billion, or around ₹10,800 crore. Its silver production also increased by 18%.

Two new African mines could drive future growth

Managem's expansion is not limited to its existing operations. Two projects are expected to become important sources of future gold production.

In Gabon, the Etéké project is scheduled to begin gold production in late 2028. It is expected to produce around 60,000 ounces annually.

The Karita project in Guinea is currently undergoing feasibility studies. If it moves ahead as planned, the project could produce around 200,000 ounces of gold every year from 2029.

Together, the projects could significantly increase Managem's contribution to Africa's gold supply.

Gold prices give Morocco's mining push a boost

Gold's strong performance has provided an important backdrop to Managem's investment plans. Although prices have experienced dips amid the US–Iran war, the company's leadership continues to see the broader gold market as favourable.

The company said its investments are "aligned with these favourable conditions, positioning the company for further growth in a strong gold market."

That optimism is important because mining projects require large upfront investments and can take years before they begin producing at full scale.

Why Africa matters in the global gold market

Africa is already a major source of mined gold. World Gold Council data shows that the continent produces around 650 tonnes of gold each year, accounting for about 18% of global gold mining output.

The actual picture, however, is difficult to measure precisely. A significant amount of African gold comes from small-scale and artisanal miners, and some of this production is not officially reported.

The continent's gold reserves are also gaining strategic importance. Several African countries are looking to increase domestic gold production, strengthen their reserves and reduce their dependence on the US dollar.

For Managem and Al Mada, the combination of strong gold prices, new African mining projects and growing strategic interest in the metal creates an opportunity to expand well beyond Morocco.

The result is a striking link between Morocco's past and its present ambitions: 47 years after the 'Gold River' victory, the country's royal investment empire is placing a fresh bet on Africa's most valuable metal.