Company: Societe Metallurgique d’Imiter
Country: Morocco
Sector: Other Metals/Minerals
CEO: Not publicly listed
Website: https://www.managemgroup.com
Careers Page: Not publicly listed
LinkedIn: Not publicly listed
Email: Not publicly listed
Headquarters: Imiter, Tinghir Province, Morocco (administered from Casablanca via parent Managem)
Founded: 1969
Valuation/Revenue: $408.3m market value (African Business Top 250, 2025); MAD 1,737m (~$174m) revenue for FY2025, up 40.3% year-on-year (company financial reporting, 2025)
Societe Metallurgique d’Imiter (SMI) is a Moroccan silver-mining company listed on the Bourse de Casablanca and operated as a subsidiary of Managem Group, the mining arm of Morocco’s royal-linked Al Mada holding company. SMI operates the Imiter silver mine in the Anti-Atlas region near Tinghir, one of Africa’s largest silver deposits, and has posted strong revenue and profit growth in recent years on the back of high silver prices.
What Does Societe Metallurgique d’Imiter Do?
SMI mines, processes and sells silver from the Imiter deposit in south-eastern Morocco, one of the country’s flagship metals operations and a significant contributor to Managem Group’s overall silver production. As a subsidiary within Managem’s portfolio, SMI benefits from group-level technical, marketing and administrative support while operating as its own separately listed legal entity with its own board and public shareholders.
Who Owns Societe Metallurgique d’Imiter?
SMI is majority-owned by Managem Group, which the company itself describes as administering SMI through its CEO and Board of Directors; Managem is in turn controlled by Al Mada (formerly SNI), the large Moroccan investment holding company with historical ties to the Moroccan royal family. The remaining shares trade as free float on the Bourse de Casablanca. As of mid-2026, SMI had 1,645,090 shares outstanding, per the company’s own investor disclosures; precise percentage shareholding splits are published in Managem’s investor-relations materials.
Is Societe Metallurgique d’Imiter Publicly Traded?
Yes. SMI is listed on the Bourse de Casablanca (also referenced as the Casablanca Stock Exchange, ticker SMI), where it is closely followed by Moroccan financial media as one of the exchange’s pure-play metals and mining stocks, distinct from its larger diversified parent Managem, which is separately listed.
How Big Is Societe Metallurgique d’Imiter?
African Business’s 2025 Top 250 valued SMI at $408.3 million by market capitalisation, ranking it number 284. The company reported revenue of MAD 1,737 million (roughly $174 million) for fiscal year 2025, a 40.3% increase year-on-year, with net income of MAD 397.11 million, up 112.68% — a sharp acceleration driven by rising global silver prices and continued production growth at the Imiter mine. Quarterly filings through 2025 and into 2026 showed continued double-digit revenue growth, including a reported 36% rise in first-half 2026 turnover.
What Has Societe Metallurgique d’Imiter Been in the News For Recently?
SMI’s stock has drawn increased attention on the Bourse de Casablanca amid a global run-up in silver prices, with financial media describing it as “a key silver producer in Morocco’s mining landscape” whose shares have traded with notable volatility as investors weigh metals-price swings against the company’s operating performance. Regular quarterly results releases have continued to show strong turnover growth through 2025 and into 2026.
Who Is the CEO of Societe Metallurgique d’Imiter?
SMI is described in its own investor disclosures as being administered by “the CEO and the Board of Directors” under the umbrella of parent company Managem Group; a specific named chief executive for SMI as a standalone entity was not confirmed in publicly available sources at the time of research, and the company appears to be run under Managem’s group-level executive leadership rather than a separately publicised SMI-specific CEO.
How Does Societe Metallurgique d’Imiter Compare to Its Competitors?
As a specialist silver producer, SMI is somewhat unusual on the Bourse de Casablanca, where most listed mining exposure comes through its own diversified parent, Managem Group, or through phosphate giant OCP (majority state-owned and not separately listed). Internationally, SMI’s silver output is small relative to major global silver miners such as Mexico’s Fresnillo or Peru-focused producers, but within the African context it stands out as one of the continent’s few pure-play, exchange-listed silver mining vehicles, giving investors targeted exposure to silver prices that is otherwise difficult to access through African equity markets.
Links
Website: https://www.managemgroup.com
Careers Page: Not found
LinkedIn: Not found
Email: Not publicly listed
FAQ
Q: Is Societe Metallurgique d’Imiter legit?
A: Yes — it is a Bourse de Casablanca-listed silver miner and a subsidiary of Morocco’s Managem Group, a major, well-established mining company.
Q: Who owns Societe Metallurgique d’Imiter?
A: Managem Group holds the majority stake, with Managem itself controlled by Moroccan investment holding company Al Mada; the rest trades as free float on the Casablanca exchange.
Q: Is Societe Metallurgique d’Imiter publicly traded?
A: Yes, on the Bourse de Casablanca under ticker SMI.
Q: Where is Societe Metallurgique d’Imiter headquartered?
A: Its mining operations are at Imiter in Tinghir Province, Morocco, administered under Managem Group’s corporate structure.
Q: What does Societe Metallurgique d’Imiter do?
A: It mines and processes silver from the Imiter deposit, one of Africa’s largest silver mines.
Q: How big is Societe Metallurgique d’Imiter?
A: African Business’s 2025 Top 250 valued it at $408.3 million; it reported MAD 1,737 million in revenue for FY2025, up over 40% year-on-year.