Latest news with #CriticalMineralResources
Morocco World
5 days ago
- Business
- Morocco World
Critical Mineral Resources Secures £1.33 Million for Morocco Copper Project
Doha – Critical Mineral Resources (CMR) has signed a formal joint venture agreement to earn a 60% interest in a copper-silver project in central Morocco, backed by a £1.33 million investment to accelerate development, the London-listed company announced on Friday. The deal gives CMR rights to a shallow sedimentary-hosted copper deposit, which the board believes has the potential to become 'a significant new discovery,' according to a company statement. The project has an initial exploration target of 150,000 to 200,000 tons of contained copper at 1.2% copper equivalent. Preparations for drilling are already underway, with a diamond drill rig acquired and scheduled for shipment from Canada next week. Drilling is expected to begin in the third quarter of 2025. Of the £1.33 million investment, £825,000 has been provided as equity through the issue of 56.9 million new shares at 1.45 pence each. The remaining £500,000 was supplied as a convertible loan with 5% interest, also convertible at 1.45p. The project benefits from existing development work, including trenching, scout drilling, metallurgical test work, and a feasibility study. A 1,000-ton-per-day copper flotation plant is planned as part of a fast-tracked 'initial mine' strategy, running in parallel with further resource delineation. CMR stressed that the deposit's shallow depth, estimated at 50 meters, and proximity to infrastructure such as roads, grid power, and water should reduce development and operational costs. Russell Tucker, newly appointed to CMR's board as a non-executive director, said: 'The deposit's characteristics are consistent with other long-life, low-cost copper operations. There is excellent potential to power the mine with renewable energy, particularly solar.' 'Whilst we have optioned, promoted, explored and been genuinely excited by two or three other copper-silver projects during this period, our key target has always been this. And by some margin,' Chief Executive Officer Charlie Long added. Read also: UK Mining Firm CMR Acquires High-Grade Silver, Copper Project in Morocco This latest agreement follows CMR's earlier funding success in March, when the company secured a £2.5 million investment from Gilini Holdings to finance its activities in Morocco. At that time, the company received a first payment of £425,000, with a second payment of £1.325 million expected in the second quarter of 2025, and a third payment of £750,000 planned for the first quarter of 2026. Morocco harbors vast untapped reserves of critical minerals that form the backbone of tomorrow's clean energy revolution. According to a recent academic study, the country boasts substantial reserves of materials needed for lithium-ion batteries, including phosphates (30 million metric tons), manganese (1.5 million metric tons), cobalt and nickel (45 million metric tons), and copper (5 million metric tons). The North African country is also exploring its potential for rare earth elements. The Office of Hydrocarbons and Mines (ONHYM) has been intensifying exploration efforts, with 44 projects conducted in 2024 covering strategic and critical materials across Morocco's most promising zones. ONHYM's exploration work has revealed three main types of rare earth deposits: carbonated deposits with high concentrations of niobium, uranium and rare earths; pegmatites with rare earth concentrations reaching up to 4.6%; and sedimentary deposits with promising but still under-evaluated potential. Shares in Critical Mineral Resources rose 13% to 1.30 pence in London on Friday morning following the announcement of the new joint venture. Tags: copper MoroccoCritical Mineral Resources
Morocco World
10-03-2025
- Business
- Morocco World
Critical Mineral Resources Secures £2.5 million to Expand Morocco Operations
Rabat – British exploration company Critical Mineral Resources (CMR) has secured a £2.5 million investment from Gilini Holdings to finance its activities in Morocco. CMR said in a statement that it will use the funding for project acquisition, expanding its commodities trading venture, and working on its existing portfolio. 'The Company will continue to focus all its efforts on Morocco,' CMR added. The company has already received a first payment of £425,000. A second payment of £1.325 million is expected in the second quarter of 2025, while a third payment of £750,000 is planned for the first quarter of 2026. CMR 's Chief Executive Officer, Charlie Long, expressed excitement over the signing of the agreement, which he said would allow the company to fund its exploration and development work. 'We are very pleased to have secured this strategic investment which will allow CMR to deliver an exciting business development story throughout the remainder of 2025 and beyond,' Long said. Noting the challenges junior mining companies face to secure sufficient funds for their work, he said that 'CMR is now in the excellent position of being well-financed, enabling it to focus on creating value in Morocco and executing on some extremely exciting opportunities.' Meanwhile, Russell Tucker from the Gilini Investment team said they have 'full confidence in CMR's leadership to unlock this opportunity.' 'We are thrilled to support CMR as we see immense untapped potential in Morocco, particularly for copper,' Tucker added. CMR's work focuses on exploring and developing metals and minerals in the North African country. The company looks for valuable mineral deposits, such as copper and manganese, and works to develop them into mining projects. For the company, Morocco is an 'ideal mining friendly jurisdiction' that meets its acquisition and operational criteria. CMR also noted the country's geographical location, making it easier to supply raw materials to Europe. Tags: Critical Mineral Resourcesmining in Morocco
