Critical Mineral Resources (CMR) wants to expand its raw materials trading in Morocco, started in the Kingdom last month in collaboration with a local partner. The British mining company, specializing in the development and exploration of energy metals, announced this Tuesday, January 7, in an update note on this activity.
The company says it has completed several transactions there in a range of base and specialty metals, which has encouraged it to broaden its spectrum of opportunities in the Kingdom this year. “The short term aim is now to ramp up trading activity with several small mines which have the potential to produce good tonnage and high quality products in a range of metals and potentially industrial minerals“, she emphasizes.
More than 26 exploration permits in Morocco
According to its CEO Charlie Long, CMR has always aimed to enter this very promising sector. “We are very encouraged by the success of our commodity trading business in such a short time frame“, he rejoices. And to add: “As we continue to gain traction, we are exploring sources of non-dilutive capital that would enable a step change in scale. That said, our organic growth trajectory is working extremely well and we will not take undue risks. Further details of our expansion plans will be provided to shareholders in due course».
Read also: Mining exploration: British company Critical Mineral Resources obtains four new permits in Morocco
As a reminder, last December, CMR, established in Morocco since 2023, announced its first contract for the purchase of raw materials in the Kingdom, through the acquisition of high-grade antimony ore from a small-scale operator. scale, under an agreement renewable every six months.
A year ago in mid-January 2024, the British mining company obtained 26 exploration permits for copper, antimony, tungsten, lead-zinc and gold, through the acquisition of the Moroccan company Hesperis Resources . These licenses, covering an area of 400 km², are located in Rabat, Béni Mellal, Agadir and Errachidia.
A few months later, on July 17, CMR revealed the signing of an exclusive purchase option allowing it to acquire 90% of the silver and copper polymetallic project in Igli, in the province of Tinghir, with an area of 16 km² , comprising a mining permit of 10.04 km² and an adjacent research permit of 5.96 km².
