Critical Minerals, a London-based mining company, has announced the acquisition of 26 exploration permits in central Morocco, covering an area of about 400 km2. The permits are prospective for copper, antimony, tungsten, lead/zinc, and gold, which are essential for the clean energy transition.
The company acquired the permits through the purchase of Hesperis Resources, a Moroccan company that holds the permits. The deal is an all-share transaction that will result in Critical Minerals issuing 3 million shares to the owners of Hesperis at completion, followed by 1.5 million shares to be issued at the start of drilling.
The acquisition is part of Critical Minerals’ strategy of targeting and acquiring clean energy development assets in Morocco, a country with a rich mining history and well-established infrastructure. The company said the acquisition transforms its incubator portfolio in terms of its footprint of prospective ground in Morocco and its exposure to a wider range of critical metals and minerals.
Critical Minerals CEO Charlie Long said: “The acquisition of the Hesperis permits marks a key milestone in Critical Mineral Resources’ journey. The company now possesses a significant opportunity through its ongoing roll-up of permits across a sizeable footprint within well-established Moroccan mining territories.”
He added: “Critically, we now have excellent momentum as we continue to deliver against our stated strategy of developing an exciting portfolio of assets with the potential to bring minerals vital for the clean energy revolution into production and cash generation. We are delighted to welcome the Hesperis owners as shareholders to the business.”
The Hesperis project portfolio offers Critical Minerals access to prospective grounds in several distinct metallogenic regions, positioning the company for potential future exploration and development successes in the realm of clean energy resources.
Critical Minerals chief operating officer Noureddine Sabraoui, who holds a 25% beneficial ownership in Hesperis, said: “We are very pleased to join forces with Critical Minerals and to contribute to the development of the Hesperis permits. We believe that these permits have a strong potential to host significant mineral resources that can support the global demand for clean energy materials.”
The acquisition of the Hesperis permits comes at a time when Morocco is attracting increasing attention from international investors and mining companies, thanks to its favorable geology, stable political environment, and supportive mining policies.
Morocco is the world’s largest producer and exporter of phosphate and also has significant reserves and production of other minerals, such as silver, lead, zinc, copper, manganese, iron ore, and barite. The country has recently launched several initiatives to promote the development of its mining sector, such as the Mining Development Strategy 2021-2030, the National Geological Mapping Programme, and the Mining Governance and Development Project.
Morocco is also a key partner in the European Union’s Critical Raw Materials Action Plan, which aims to secure the supply of essential minerals for the green and digital transitions. The EU and Morocco have signed a strategic partnership on raw materials, which includes cooperation on geological research, exploration, extraction, processing, and recycling of critical minerals.
The acquisition of the Hesperis permits by Critical Minerals is a testament to the growing interest and confidence in Morocco’s mining potential and its role in the global clean energy transition. It also demonstrates the company’s vision and ambition to become a leading player in the critical minerals space.
Source: Mining Weekly
