2011-10-16 07:11:46 – New Materials research report from Business Monitor International is now available from Fast Market Research
Phosphates Lead Steady Growth In Output
Morocco’s mining sector is set to grow over BMI’s forecast period, from 2011 to 2015, reaching a total value of US$1.55bn by 2015.
Phosphates will continue to dominate mineral output over this period following recent upward revisions made to the country’s deposits, carried out by the International Fertilizer Development Centre, coupled with a steady increase in state investment in mining and freight transport facilities over the past few years. Given the strong performance, we now forecast phosphates rock extraction to reach 30.6mn tonnes a year by 2015.
There is also growing international interest in developing a number of mining sub-sectors across the country. Among the materials attracting significant interest are tin, gold, diamonds and uranium. Much of
the exploration work is being carried out by foreign firms. Increasing demand for tin, in particular, has drawn miners to the Achmmach deposit in El Hajeb province where pre-feasibility work is being led by Australia-based Kasbah Resources. Kasbah has a target of producing 4,000-6,000 tonnes of tin per year when operations begin. If this goes well, thecompany hopes to be producing tin in concentrate by 2013.
Full Report Details at
–www.fastmr.com/prod/230445_morocco_mining_report_q4_2011.aspx
In August 2011 Morocco’s state-run Office National des Hydrocarbures et des Mines (ONHYM) signed an agreement ceding control of Achmmach over to Kasbah’s 100%-owned Moroccan subsidiary company, for a consideration of US$5mn (exclusive of taxes), payable over five years. In October 2010 Kasbah raised AUD24mn via a share placement to fund its ongoing works at Achmmach and the company recently appointed a new Chief Operating Officer with the explicit brief of developing a feasibility study for the project.
Gold is another sub-sector with strong growth potential with prospecting currently being led by Canadian miner Maya Gold & Silver, which is developing the Amizmiz project in Marrakech province. Recent measurements have revealed deposits of 341koz of gold at the pit with extraction scheduled to begin from Q311. It was reported in February 2011 that the company is undertaking due diligence in preparation for the possible acquisition of five gold, silver and polymetallic projects in Morocco. Further information on both Kasbah Resources and Maya Gold & Silver is available in the Company Monitor section towards the end of this report.
Business Environment
Morocco has a well-developed mining industry. However, the majority of the industry remains under state control, which acts as a major limitation on potential opportunities for foreign investors. In addition, an inefficient tax regime and under-developed labour infrastructure also act as constraints on growth. Given these constraints, Morocco currently ranks last in our Business Environment Ratings for the African mining industry, with a score of 31.5 out of 100.
On the positive side, energy and transport infrastructure is improving, following recent investments. Furthermore, the state provides mining investors with a safe operating environment alongside security of investment. Also there are a number of incentives for mining companies. These include a 50% reduction in tax for miners that export their products. There are also exemptions on customs duties and some tax exemptions for imported equipment.
Key Players
Mining activity in Morocco is dominated by state-run Office Cherifien de Phosphate (OCP) and other state-run concerns such as ResidInvest and Managem. Managem subsidiary Societe Metallurgique d’Imiter (SMI) operates the Imiter silver mine, the ninth largest silver mine in the world. However, there is also a burgeoning private sector with foreign players leading the way in exploration for tin, gold, diamonds and other smaller mineral groups. The most important operators include Kasbah Resources, Maya Gold & Silver and Metalex Ventures.
Report Table of Contents:
SWOT Analysis
– Morocco Political SWOT
– Morocco Economic SWOT
– Morocco Business Environment SWOT
Global Mining Outlook
– Table: Recent Tax Increases
– Table: Largest Coal Projects
– Table: Frontier Mining Projects
Industry Trends And Developments
– Key Projects
– Phosphates
– Copper
– Tin, Gold, Diamonds, Uranium
Business Environment
– Table: Africa Mining Business Environment Ratings
Political Outlook
– Table: The Role Of The King In Moroccan Politics
Industry Forecast Scenario
– Table: Morocco’s Mining Industry, 2008-2015
Regulatory Structure
Competitive Landscape
– Table: Key Players In Morocco’s Mining Sector
Company Profiles
– Kasbah Resources
– Maya Gold & Silver
– Metalex Ventures
Commodity Strategy – Metals Update
– Gold
– Copper
– Aluminium
– Lead
– Nickel
– Tin
– Zinc
Global Assumptions, Q4 2011
– Table: Global Assumptions, 2009-2015
– Table: Global And Regional Real GDP Growth, 2010-2013 (% change y-o-y)
– Table: Developed Market Exchange Rates, 2010-2013 (average)
– Table: Emerging Market Exchange Rates, 2010-2013 (average)
– Developed States
– Table: Developed States’ Real GDP Growth, 2010-2013 (% change y-o-y)
– Emerging Markets
– Table: Emerging Markets’ Real GDP Growth Forecasts, 2010-2013(% change y-o-y)
Country Snapshot: Morocco Demographic Data
– Section 1: Population
– Table: Demographic Indicators, 2005-2030
– Table: Rural/Urban Breakdown, 2005-2030
– Section 2: Education And Healthcare
– Table: Education, 2002-2005
– Table: Vital Statistics, 2005-2030
– Section 3: Labour Market And Spending Power
– Table: Employment Indicators, 2001-2006
– Table: Consumer Expenditure, 2000-2012 (US$)
Business Environment Ratings Methodology
– Table: Mining Business Environment Indicators
– Table: Weighting Of Components
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