Moroccan mining company Managem announced their mid-year accomplishments on Monday. The results of the company listed on the Casablanca stock exchange reported a 29% drop in first-half net profit attributable to shareholders to MAD 151 million ($17.6 million) hurt by the fall of metal prices which negatively affected the productivity of the Moroccan mining operator.

Managem, Morocco’s leading miner controlled by the Moroccan royal family through the holding company (SNI) has recently won contracts to search for gold in two mineral-rich areas in Sudan. The company also said it started copper production in its Omerjane mine, and had discovered an additional silver deposit of 171 tons of metal in the Imider region.

However, the recent discoveries and the new prospects of growth that came along with it were offset by the decline of global prices.

Managem shares recorded a 3.30% drop on the Casablanca stock exchange following the results.