Critical Mineral Resources plc aims to expand its Morocco joint venture trading arm from low-risk, short-term deals to multiple small mines with “good tonnage and high-grade products”.
RURAL
The company will also widen its target range of metals and include potentially industrial minerals.
CMR has started discussions with “a number of potential providers” for additional working capital.
“Morocco’s artisanal and small-scale operators work alongside larger industrial scale mines,” added the company.
“Our partners have unrivalled knowledge of the cultural practices of the rural mining economy and a deep understanding of Moroccan commodities commerce.”
Chief executive Charlie Long said that CMR had always planned to enter the commodities trading sector.
“We are very encouraged by the achievement of our commodities trading business in such a short timescale.”
CMR noted that Morocco’s mines produce phosphate, manganese, barite, lead-zinc, copper-silver, gold-silver, oligiste, cobalt, gold, antimony, tungsten, feldspar, fluorspar and gypsum.