CMR to acquire Moroccan copper project: UK-based mining company CriticalMineral Resources (CMR) has signed an option agreement to acquire 90% of the Igli copper and gold project in Morocco, according to a disclosure published on the London Stock Exchange last week. The company raised EUR 750k (USD 976k) for the acquisition through convertible loan notes — a financial instrument combining elements of a traditional bond with an embedded credit default swap — a significant amount of which came from UAE-based private investment firm Prism Group.

What’s next? CMR has 16 months to conduct geochemical, geophysical, and drilling activities before making the main acquisition payment.

The details: CMR will pay USD 12k to get exclusive rights to investigate the property for two months. They then have 14 months to buy 90% for USD 560k with a potential extra fee of USD 60k if they don’t decide within the specified seven month period. The final USD 150k payment will be due six months after the latest payment. CMR has the option to buy the remaining 10% for USD 500k in cash. The total cost for the whole project is estimated around USD 1.29 mn.

About the project: The project is located in the Anti-Atlas region along the same structural corridor as the Tiouit and Imiter mines. The project, known for its high-grade silver and copper, has shown results with grades of up to 912 grams per ton of silver and 2.97% copper concentrations.

The firm has been eyeing Morocco: CMR’s subsidiary Atlantic Research Minerals agreed to invest in the scoping and feasibility studies for the cobalt-rich site of Zagora in Morocco, as part of an earn-in agreement with the project owner SA Strategy last year. ARM was set to acquire an initial 20-25% share in the project, which will rise to 70% after the feasibility study is completed. The company also raised around USD 39k to advance its Ifri Project in Morocco, which showed promising copper, silver, and gold mineralization last March.

Morocco’s mining sector has been in the spotlight: Canadian minerals exploration company Genius Metals also signed an option agreement with Morocco’s Société Bleida Mineral Resources to acquire 100% of its BMR copper-gold project in Ouarzazate last week. The European Bank for Reconstruction and Development is extending a MAD 150 mn (EUR 13.6 mn) loan to Moroccan mining equipment manufacturer Procaneq to boost energy efficiency in the kingdom’s mining sector. Morocco and Turkey signed two cooperation agreements earlier this month in the energy, earth sciences, and mining sectors, including geological mapping, remote sensing, and AI for mineral assessment.

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