The Managem group announced, Wednesday, the finalization of the sale of the Oumejrane mining company for the benefit of Purple Hedge Resources Morocco, a private company based in Morocco and 100% subsidiary of Purple Hedge DWC, a private company established in the Arab Emirates United.
The amount of the transaction amounts to 30 million US dollars (M$), accompanied by two conditional price supplements totaling more than 2 M$, which will be payable after a period of 12 months, specifies Managem in a press release.
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Quoted in the press release, the Chairman and CEO of Managem, Imad Toumi, declared: “The finalization of this sale marks a decisive step, with the choice of a solid buyer, capable of financing both the acquisition and the development of the Oumejrane mine. We are confident that Purple Hedge DWC, with the support of its investors, will maintain the standards of excellence in health, safety and environmental protection which have always been at the heart of our priorities.”
-Purple Hedge DWC is led by experienced management in the African mining sector who aims to create a significant player in copper production in Morocco and Africa. For its development, it benefits from both the financial support in equity of a private investor specialized on the African continent and financing from a leading investment fund based in New York, renowned for its expertise in metals and minerals essential to the energy transition.
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Furthermore, Purple Hedge DWC reaffirms its commitment to protecting the interests of employees of the Oumejrane mining company and to guaranteeing the continuity of the mine’s activities in compliance with the high standards established by Managem.
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