Wednesday, April 23, 2014

MENA Mining (IV): Morocco (1)



THIS POST WAS ORIGINALLY PUBLISHED JULY 09, 2011

MENA Mining (IV): Morocco (1)

In these short overview posts I am talking about the Kingdom of Morocco – the country that is strategically located, with coasts on the Atlantic on on the Mediterranean. All Internet resources note that Morocco is the home to 90+ mining companies that produce about 20 different mineral products. Mineral industry produces 35% of foreign trade, and about 75% of Morocco’s exports and 6% of the GDP. However, this industry is dominated by phosphates - 92% of all production. The country is rich in deposits of iron and non-ferrous minerals – lead, barite, manganese, cobalt, copper, coal, iron and zinc ores – plus uranium. 

In fact, extremely low volume of news comes from Morocco on the issue. This morning Google news search MOROCCO MINING resulted in 37 entries only. But this is more, as compared to 19 entries for MENA Mining. Just compare with 1,834 for AFRICAN Mining.... This adds more considerations to the potential of mining business?

A very detailed report on activities of mining companies in Morocco is presented at this page of Federation de l’Industrie Minerale (in French, but readable thanks to Google translate). Here is the mineral wealth of the country:

A rather comprehensive report on mining industry in the country can be downloaded from the Website of the Ministry of Energy and Mines. 


 According to this report, (as of 2010 – but data relevant to 2009) there are:
4287 licenses issued, including
·                  Operating licenses: 563
·                  Exploration licenses: 3647
·                  Concessions: 77

It also has some statistical data on production:


Thus, the major developed minerals in Morocco are: phosphates, barite, salt, manganese and silver. Hence, here is a huge potential for other minerals.

No matter how important the phosphates are, a great attention is geared towards other mineral assets. For this purpose, the ONHYM - National Office of Hydrocarbons and Mines – is established.
• It represents the public interest in exploration and production of hydrocarbons and mineral resources.

• ONHYM ‘s mission is :
· To explore and exploit hydrocarbons and the mineral resources (except phosphates),
· Enter into partnership/joint venture with national and international companies in the oil & gas and mineral industry to explore its resources
· Conduct hydrocarbon and mining research.
ONHYM provides:
• Regional and detailed geology, metallogeny, geochemistry, geophysics
• Exploration Permits with good prospectivity
• Freely accessible rich database with GIS
• ISO certified laboratories support (chemistry, processing, etc.)
• Optimize exploration using advanced techniques: Remote sensing, hyperspectral imaging, airborne geophysics.
• Extensive prospecting (sampling, drilling, resource assessment)
• Ability to work with national, provincial and local authorities on environmental and social impact
In this English version of the website there is a lot of valuable information.

Managem is the largest private sector mining company in Morocco. This is the holding company for the mining projects of the ONA group; the following companies are managed:
- Cie Minière des Guemassa (CMG – zinc, lead and copper),
- Cie de Tifnout Tiranimine (CTT - cobalt),
- Samine (fluorspar)
- Soc. Metallurgique d’Imiter (SMI – silver)
- Cie Metallurgique Bou-Azzer (CMBA – cobalt recovery)
- Techsub (exploration drilling)
- Reminex (engineering/technology)

Just a very brief overview of minerals. Note: This is NOT a comprehensive report – just a pinpoint to some important (IMHO) issues.

Phosphate mining
Principal operator is the state-owned OCP Group (formerly Office Cherifien des Phosphates). According to the available data the proven reserves for phosphates are about 11bn tons; with probable reserves about 58 bn tons – this approximately one third of world. This impressive table is reproduced from thecompany's brochure:


All detailed information on OCP is provided in the corporate 2009 annual report.

Iron ore
Interesting to note, that exactly 100 years ago, in 1911, the Moroccan iron ore sparkled notorious ‘gunboat diplomacy’ precedent and the Agadir Crisis.German companies engaged with the French ones who claimed huge iron ore resources. That eventually led to the treaty of Fez and establishment of French protectorate over Morocco. As it obvious from the above Table, the production of iron ore is a small fraction, as compared to phosphates – and mostly used for domestic consumption. However, one should note that in the nearest proximity to Morocco there are two iron ore deposits in Algeria: Gara Djebilet and Mechri Abdelaziz with reserves of approximately 3 bn tons having 50%+ Fe.

Cobalt
Managem SA, - subsidiary of Omnium Nord African (ONA) conducts mining of cobalt ore at the Bou-Azzer underground mine located 35 kilometers (km) south of Ouarzazate in southern Morocco - the world’s only deposit where cobalt is mined as a primary product.

Copper
Odyssey Resources Limited - a Canadian exploration company holds an interest in several exploration permits in Morocco. Although historically there were a number of reports regarding these projects (example: TECHNICAL REPORT AND RESOURCE ESTIMATE ON THE ALOUS COPPER-SILVERPROPERTY MOROCCO For ODYSSEY RESOURCES LIMITED – very detailed description) – very little recent information on the progress can be found.

Gold
Maya Gold and Silver Inc. of Canada is developing the Amizmiz gold property, about 60 km south of Marrakech. Technical Report on the Aït Bou-Haddou Project has all relevant data, while corporate presentation has a detailed description, including some financial data:


British Agricola Resources plc has two gold exploration licenses in Tan Tan Province, Guelmin-Es Semara region of Southern Morocco. Ain Kerma Gold Prospect Geologist Report provides all necessary data.
Kasbah Resources Ltd. has 100% ownership of the Tamlalt gold deposit, located at the eastern end of the Moroccan High Atlas Mountains, about 300 km south of the town of Oujda. The Tamlalt gold deposit mining property is covered by eight exploration permits covering a total surface area of 128 km2.

Uranium
Morocco’s three main areas under investigation include Haute Moulouya, Sirwa (Zgounder) and Wafaga. This data is reproduced from a very detailed presentation by ONHYM - Uranium Exploration in Morocco :
There are deposits of uranium, some of them include:
·                  Wafaga (1977-1982): Resource - estimation of 500 tons at 700 ppm U3O8
·                  Azgour Mine: Extracted 1 ton of uranium in 1957-1960
·                  Argana: Geological resources are estimated to 1.53 tons of uranium and 58.4 tons of copper
Toro Energy Ltd. of Australia (a uranium explorer formed through the amalgamation of the uranium interests of Oxiana Ltd and Minotaur Exploration Ltd) had signed MOU to acquire uranium interests in Morocco. Research shows that the latest data about these activities related to 2007; the latest corporate presentation does not mention Morocco – probably the company suspended the project. It was also mentioned that in 2007 Areva signed MOU to study feasibility of uranium extraction from phosphates in Morocco
That allows to make an assumption that currently there are no visible foreign entities involved with uranium in Morocco.

Tin
Kasbah Resources Ltd. has an exclusive right to acquire a 100% interest in the Achmmach Tin Project - one of the largest undeveloped tin deposits in the world. As of August 10, 2010 the project has inferred resource of 4.8 million tons of tin. The corporate presentation, besides detailed analysis of tin market has description of the project:



Zinc
Douar Hajar Mine, (the Guemassa massif 35 km, south of Marrakesh) is the largest mine operated by Compagnie Minière des Guemassa (CMG).

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    ReplyDelete
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  24. Affordable Loan Offer ( PergoCF@cheerful.com )
    Do You Need A Business Loan,Or A Personal Loan,At 1.0% If Yes? Name,Amount,Country,Loan Durations,Phone Mobile, Interested Applicants Should Contact Us Via Email: PergoCF@cheerful.com ,( PergoCF@qualityservice.com ), PergoCF@gmail.com
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    ReplyDelete
  25. We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from Top AA Rated bank such as HSBC Bank Plc, Deutsche Bank AG Frankfurt, Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

    We deliver with time and precision as sethforth in the agreement. Our terms and Conditions are reasonable, below is our instrument description.

    TRANSACTION DESCRIPTION:
    1. Instrument: Bank Guarantee (BG) or Standby Letter of Credit (SBLC)
    2. Total Face Value: Euro/USD 1,000,000.00 – Euro/USD 5,000,000,000.00
    3. Issuing Bank: HSBC Bank London, Barclays Bank London, Deutsche Bank AG Frankfurt etc.
    4. Age: One Year and One Day (With the option of Rolls and Extension)
    5. Leasing Fee: 4% + 1%
    6. Purchsing Fee: 32% + 2%
    7. Delivery: Bank to Bank Swift MT799/MT760
    8. Payment: MT103
    9. Hard Copy: By Bank Bonded Courier within 7 banking days after delivery of Swift.


    Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.


    All relevant business information will be provided upon request plus our terms and
    procedures.

    All inquires to Mr Danzmann Horst should include the face value and bank instrument information needed so I can quickly address your needs:

    If Interested kindly contact me via

    Contact: Danzmann Horst
    Email: horstdanz@outlook.com
    Skype: Danzmann Horst

    ReplyDelete
  26. We are Ireland based major/Direct providers of Fresh Cut BG, SBLC, POF, MTN, Bonds and CDs and this financial instruments are specifically for lease and sale.We are one of the leading Financial instrument providers with offices all over Europe.
    we always deliver on time and precision as Set forth in the agreement. You are at liberty to engage our leased facilities into trade programs, project financing, Credit line enhancement, Corporate Loans (Business Start-up Loans or Business Expansion Loans), Equipment Procurement Loans (Industrial Equipment, Air crafts, Ships, etc.) as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed, Our Terms and Conditions are reasonable.
    DESCRIPTION OF INSTRUMENTS:
    1. Instrument: Bank Guarantee (BG)/SBLC (Appendix A)
    2. Total Face Value: 10M MIN to 50B MAX USD or Euro
    3. Issuing Bank: HSBC, Deutsche Bank Frankfurt, UBS or any Top 25 .
    4. Age: One Year, One Day
    5. Leasing Price: 4+ 1%
    6. Sale Price: 32+2%
    7. Delivery by SWIFT .
    8. Payment: MT103-23
    9. Hard Copy: Bonded Courier within 7 banking days.
    If you have need for Corporate loans, International project funding, etc. or if you have a client that requires funding for his project or business, We are also affiliated with lenders who specialize on funding against financial instruments, such as BG, SBLC, POF or MTN, we fund 100% of the face value of the financial instrument.
    Inquiries from agents/ brokers/ intermediaries are also welcomed; do get back to us if you are interested in any of our services and for quality service.
    Name : Ciaran Sheridan
    E-mail : ciaransheridan453@gmail.com
    Skype id : ciaransheridan453@gmail.com

    ReplyDelete
  27. WE OFFER ALL KIND OF LOANS - APPLY FOR AFFORDABLE LOANS.

    Are you a business man or woman? Are you in any financial mess or Do you need funds to start up your own business? Do you need a loan to start a nice Small Scale and medium business? Do you have a low credit score and you are finding it hard to obtain capital loan from local banks and other financial institutes?. Interested applicants should Contact us via email: PergoCF@cheerful.com ( PergoCF@qualityservice.com ) PergoCF@gmail.com

    Our loans are well insured for maximum security is our priority, Our leading goal is to help you get the services you deserve, Our program is the quickest way to get what you need in a snap. Reduce your payments to ease the strain on your monthly expenses. Gain flexibility with which you can use for any purpose from vacations, to education, to unique purchases. Interested applicants should Contact us via email: PergoCF@cheerful.com ( PergoCF@qualityservice.com ) PergoCF@gmail.com

    We offer a wide range of financial services which includes: Business Planning, Commercial and Development Finance, Properties and Mortgages, Debt Consolidation Loans, Business Loans, Private loans, Home Refinancing Loans with low interest rate at 1.00% per annul for individuals, companies and corporate bodies. Get the best for your family and own your dream home as well with our General Loan scheme. Interested applicants should Contact us via email: PergoCF@cheerful.com ( PergoCF@qualityservice.com ) PergoCF@gmail.com

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    Kindly write us back with the loan information;
    - Complete Name:
    - Loan amount needed:
    - Loan Duration:
    - Purpose of loan:
    - City / Country:
    - Telephone:
    - How Did You Hear About Us:

    If you are interested to get a loan then kindly write us with the loan requirement. Please, contact us for more information: PergoCF@qualityservice.com ( PergoCF@gmail.com ) PergoCF@cheerful.com
    Yours Sincerely,
    Mrs. Ceren Kelly
    PergoCF@gmail.com
    PergoCF@qualityservice.com
    PergoCF@cheerful.com

    We look forward to hear from you ASAP

    Interested applicants should Contact us via email: PergoCF@cheerful.com

    ReplyDelete
  28. WE OFFER ALL KIND OF LOANS - APPLY FOR AFFORDABLE LOANS.

    Are you a business man or woman? Are you in any financial mess or Do you need funds to start up your own business? Do you need a loan to start a nice Small Scale and medium business? Do you have a low credit score and you are finding it hard to obtain capital loan from local banks and other financial institutes?. Interested applicants should Contact us via email: PergoCF@cheerful.com ( PergoCF@qualityservice.com ) PergoCF@gmail.com

    Our loans are well insured for maximum security is our priority, Our leading goal is to help you get the services you deserve, Our program is the quickest way to get what you need in a snap. Reduce your payments to ease the strain on your monthly expenses. Gain flexibility with which you can use for any purpose from vacations, to education, to unique purchases. Interested applicants should Contact us via email: PergoCF@cheerful.com ( PergoCF@qualityservice.com ) PergoCF@gmail.com

    We offer a wide range of financial services which includes: Business Planning, Commercial and Development Finance, Properties and Mortgages, Debt Consolidation Loans, Business Loans, Private loans, Home Refinancing Loans with low interest rate at 1.00% per annul for individuals, companies and corporate bodies. Get the best for your family and own your dream home as well with our General Loan scheme. Interested applicants should Contact us via email: PergoCF@cheerful.com ( PergoCF@qualityservice.com ) PergoCF@gmail.com

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    Kindly write us back with the loan information;
    - Complete Name:
    - Loan amount needed:
    - Loan Duration:
    - Purpose of loan:
    - City / Country:
    - Telephone:
    - How Did You Hear About Us:

    If you are interested to get a loan then kindly write us with the loan requirement. Please, contact us for more information: PergoCF@qualityservice.com ( PergoCF@gmail.com ) PergoCF@cheerful.com
    Yours Sincerely,
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    PergoCF@gmail.com
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    PergoCF@cheerful.com

    We look forward to hear from you ASAP

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    ReplyDelete

  29. We offer fresh cut bank instrument for lease, such as BG, SBLC,Lease and Purchase Instruments can be obtained at minimal expense to the borrower compared to other banking options. This offer is opened to both individuals and corporate bodies.

    DESCRIPTION OF INSTRUMENTS

    1. Instrument: Funds backed Bank Guarantee(BG) ICC-600
    2. Currency : USD/EURO
    3. Age of Issue: Fresh Cut
    4. Term: One year and One day
    5. Contract Amount: United State Dollars/Euros (Buyers Face Value)
    6. Price : Buy:32%+1, Lease: 4%+2
    7. Subsequent tranches: To be mutually agreed between both parties
    8. Issuing Bank: Top RATED world banks like HSBC, Barclays, ING Dutch Bank, Llyods e.t.c
    9. Delivery Term: Pre advise MT199 or MT799 first. Followed By SWIFT MT760
    10. Payment Term: MT799 & Settlement via MT103
    11. Hard Copy: By Bank Bonded Courier


    Interested Agents,Brokers, Investors and Individual proposing international project funding should contact us for directives.We will be glad to share our working procedures with you upon request

    Name:Ardan Clooney
    Email:brandfinance33@gmail.com

    ReplyDelete
  30. We offer certified and verifiable bank instruments via Swift Transmission from a genuine provider capable
    of taking up time bound transactions.

    FOR LEASING OF BG/SBLC
    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
    LEASING FEE = 4%+1%

    FOR PURCHASE OF FRESH CUT BG/SBLC
    PRICE = 32%+1%
    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M

    Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly
    renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding: For further details contact us with the below information.

    Contact: Name: WARREN GARY

    Email: inquiry.barkerfinancial@gmail.com

    Skype: inquiry.barkerfinancial@gmail.com

    ReplyDelete
  31. WE OFFER ALL KIND OF LOANS - APPLY FOR AFFORDABLE LOANS.

    ARE YOU IN NEED OF YOUR URGENT LOAN? DO YOU NEED FINANCE TO PAY OFF YOUR BILLS, START OR EXPAND YOUR BUSINESS. CONTACT US FOR FAST AND RELIABLE LOAN AT LOW INTEREST RATE OF 1%. OUR LENDING COMPANY CAN HELP YOU OUT TO GET AFFORDABLE LOAN. FOR MORE INFORMATION, KINDLY CONTACT US AT VIA E-MAIL: PERGOCF@GMAIL.COM ( PERGOCF@QUALITYSERVICE.COM ) PERGOCF@CHEERFUL.COM


    WE OFFER ALL KIND OF LOANS - APPLY FOR AFFORDABLE LOANS.

    Are you a business man or woman? Are you in any financial mess or Do you need funds to start up your own business? Do you need a loan to start a nice Small Scale and medium business? Do you have a low credit score and you are finding it hard to obtain capital loan from local banks and other financial institutes?. Interested applicants should Contact us via email: PergoCF@cheerful.com ( PergoCF@qualityservice.com ) PergoCF@gmail.com

    Our loans are well insured for maximum security is our priority, Our leading goal is to help you get the services you deserve, Our program is the quickest way to get what you need in a snap. Reduce your payments to ease the strain on your monthly expenses. Gain flexibility with which you can use for any purpose from vacations, to education, to unique purchases. Interested applicants should Contact us via email: PergoCF@cheerful.com ( PergoCF@qualityservice.com ) PergoCF@gmail.com

    We offer a wide range of financial services which includes: Business Planning, Commercial and Development Finance, Properties and Mortgages, Debt Consolidation Loans, Business Loans, Private loans, Home Refinancing Loans with low interest rate at 1.00% per annul for individuals, companies and corporate bodies. Get the best for your family and own your dream home as well with our General Loan scheme. Interested applicants should Contact us via email: PergoCF@cheerful.com ( PergoCF@qualityservice.com ) PergoCF@gmail.com

    WE OFFER ALL KIND OF LOANS - APPLY FOR AFFORDABLE LOANS.

    Please, contact us for more information: PergoCF@qualityservice.com ( PergoCF@gmail.com ) PergoCF@cheerful.com
    Kindly write us back with the loan information;
    - Complete Name:
    - Loan amount needed:
    - Loan Duration:
    - Purpose of loan:
    - City / Country:
    - Telephone:
    - How Did You Hear About Us:

    If you are interested to get a loan then kindly write us with the loan requirement. Please, contact us for more information: PergoCF@qualityservice.com ( PergoCF@gmail.com ) PergoCF@cheerful.com
    Yours Sincerely,
    Mrs. Ceren Kelly
    PergoCF@gmail.com
    PergoCF@qualityservice.com
    PergoCF@cheerful.com

    We look forward to hear from you ASAP

    Interested applicants should Contact us via email: PergoCF@cheerful.com

    ReplyDelete
  32. WE OFFER ALL KIND OF LOANS - APPLY FOR AFFORDABLE LOANS.

    ARE YOU IN NEED OF YOUR URGENT LOAN? DO YOU NEED FINANCE TO PAY OFF YOUR BILLS, START OR EXPAND YOUR BUSINESS. CONTACT US FOR FAST AND RELIABLE LOAN AT LOW INTEREST RATE OF 1%. OUR LENDING COMPANY CAN HELP YOU OUT TO GET AFFORDABLE LOAN. FOR MORE INFORMATION, KINDLY CONTACT US AT VIA E-MAIL: PERGOCF@GMAIL.COM ( PERGOCF@QUALITYSERVICE.COM ) PERGOCF@CHEERFUL.COM


    WE OFFER ALL KIND OF LOANS - APPLY FOR AFFORDABLE LOANS.

    Are you a business man or woman? Are you in any financial mess or Do you need funds to start up your own business? Do you need a loan to start a nice Small Scale and medium business? Do you have a low credit score and you are finding it hard to obtain capital loan from local banks and other financial institutes?. Interested applicants should Contact us via email: PergoCF@cheerful.com ( PergoCF@qualityservice.com ) PergoCF@gmail.com

    Our loans are well insured for maximum security is our priority, Our leading goal is to help you get the services you deserve, Our program is the quickest way to get what you need in a snap. Reduce your payments to ease the strain on your monthly expenses. Gain flexibility with which you can use for any purpose from vacations, to education, to unique purchases. Interested applicants should Contact us via email: PergoCF@cheerful.com ( PergoCF@qualityservice.com ) PergoCF@gmail.com

    We offer a wide range of financial services which includes: Business Planning, Commercial and Development Finance, Properties and Mortgages, Debt Consolidation Loans, Business Loans, Private loans, Home Refinancing Loans with low interest rate at 1.00% per annul for individuals, companies and corporate bodies. Get the best for your family and own your dream home as well with our General Loan scheme. Interested applicants should Contact us via email: PergoCF@cheerful.com ( PergoCF@qualityservice.com ) PergoCF@gmail.com

    WE OFFER ALL KIND OF LOANS - APPLY FOR AFFORDABLE LOANS.

    Please, contact us for more information: PergoCF@qualityservice.com ( PergoCF@gmail.com ) PergoCF@cheerful.com
    Kindly write us back with the loan information;
    - Complete Name:
    - Loan amount needed:
    - Loan Duration:
    - Purpose of loan:
    - City / Country:
    - Telephone:
    - How Did You Hear About Us:

    If you are interested to get a loan then kindly write us with the loan requirement. Please, contact us for more information: PergoCF@qualityservice.com ( PergoCF@gmail.com ) PergoCF@cheerful.com
    Yours Sincerely,
    Mrs. Ceren Kelly
    PergoCF@gmail.com
    PergoCF@qualityservice.com
    PergoCF@cheerful.com

    We look forward to hear from you ASAP

    Interested applicants should Contact us via email: PergoCF@cheerful.com

    ReplyDelete
  33. Dear customers,

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