Meet Africa’s richest king: How King Mohammed VI’s ₹6,200 crore gold bet is changing the gold game

Gold's glittering allure has rarely felt more strategic, especially as global prices soar and Africa's untapped riches draw quick and sharp investors.

In a continent brimming with mineral wealth yet tangled in geopolitical changes, a royal powerhouse is betting big by investing hundreds of millions into gold mines that could change and influence production maps.

Meet King Mohammed VI, Africa's richest monarch, who drives massive gold production

King Mohammed VI has ruled Morocco since 1999 and is Africa's richest monarch, with a net worth estimated between $5–10 billion (approx ₹41,000–₹82,000 crore). Much of his wealth comes through Al Mada, his family's holding company, formerly known as Société Nationale d'Investissement, which was founded in 1966 and is based in Casablanca.

The company invests across banking, telecommunications, energy, and mining, with major stakes in firms like Attijariwafa Bank and Managem.

What is his company Managem doing

Al Mada-owned Managem Group is investing $750 million (approx ₹6,200 crore) to increase gold output by 134%, from 2,13,000 ounces in 2025 to 5,00,000 annually by 2030 across 7–8 African nations.

Rising gold prices have made mining much more profitable. According to Business Insider Africa, Managem's gold production increased by 26% in 2025. With gold prices jumping 44%, the metal made up over half of the company's earnings, helping revenue grow a solid 55% to $1.3 billion (approx ₹10,800 crore) last year. Managem also saw an 18% rise in silver production during that time.

The company looks forward to a strategic African footprint

According to Business Insider Africa, Managem's expansion features two key new mines. The Etéké project in Gabon should begin gold production in late 2028, targeting around 60,000 ounces yearly. The Karita project in Guinea is now in feasibility studies and aims to produce 200,000 ounces annually from 2029.

Even with recent gold price dips amid the US–Iran war, company leaders remain confident in the ongoing gold bull market. They note these investments are "aligned with these favourable conditions, positioning the company for further growth in a strong gold market."

African gold mines are a hub of treasure

Africa's gold mines produce around 650 tonnes each year, according to World Gold Council data. This makes up about 18% of the world's total gold mining output. However, WGC experts advise caution with these continent-wide numbers, as much gold comes from unreported small-scale and artisanal mining.

Several African nations are now focusing on their own gold production to build up reserves and reduce reliance on the US dollar.