The introduction of a new mining law in 2013 and government implementation of fresh trade policies are key initiatives that will help Morocco’s phosphate mining industry almost double in size by the end of the decade, states industry analysts GlobalData.
The company’s new report* also expects the growing demand for phosphate in the international market to play a major part in seeing production increase from last year’s total of 28.1 million metric tons (MMt) to 55 MMt by 2020.
Booming global phosphate demand is particularly good news for Office Chérifien des Phosphates (OCP) – the country’s only phosphate producer – who plan on capitalizing on an advantageous market position by investing around US$4.2 billion to start up new mines and wash plants during the next decade.
OCP can also expect to benefit from higher prices as global hunger for phosphate increases. Free on Board (FOB) prices of Morocco’s 31-33% phosphate rock increased from $100-$150 per metric ton in 2010 to US$180-$205 just one year later in 2011.
In addition, trade policies adopted by the government are playing a key role in boosting investments in the mining industry, which stood at around US$3.1 billion for the period 2006–2010.
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NOTES TO EDITORS
*Mining Market in Central, Northern and Eastern Africa – Key Trends, Production, Reserves, Competitive Landscape, Active and Planned Projects of Key CountriesThis report gives detailed information on the on the mining markets of Central, Northern and Eastern Africa. This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
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