Australia's Zeus Resources acquires Casablanca Antimony Project in Morocco
Zeus Resources, an Australian-listed exploration company, announced it has entered into an agreement with Ashgill Morocco to acquire the Casablanca Antimony Project in central Morocco.
The acquisition includes six exploration licenses covering 79 square kilometres, targeting antimony mineralisation associated with a regional fault structure, the company said in a stock exchange statement on Monday.
The transaction will be completed through Zeus's wholly owned Moroccan subsidiary, Zeus Morocco Resources, and remains subject to shareholder approval.
Financial details weren't disclosed but the statement said expansion of exploration drilling is permitted under existing licenses, which remain valid until 23 March 2026, with an option for a four-year extension.
Ashgill Morocco is a subsidiary of Ashgill Australia, a mining consultancy with projects in Australia, Morocco, and Mongolia.
Antimony is a critical mineral with growing geopolitical significance, particularly in solar photovoltaics (PV) and military supply chains. The global antimony market is facing supply constraints, driven by China's production declines and export restrictions, resulting in record-high prices.
According to the statement, the project area contains historical and recent artisanal mine workings, with high-grade rock chip assay results indicating antimony concentrations of 61.9 percent, 44.5 percent, and 39.4 percent Sb. Outcropping massive stibnite mineralisation has also been identified. Additionally, the site benefits from year-round access via sealed and unsealed roads.
According to the Fraser Institute Annual Survey of Mining Companies 2023, Morocco is Africa's second most attractive mining jurisdiction after Botswana, enhancing the project's strategic value.
(Writing by Majda Muhsen; Editing by Anoop Menon)
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