Oumejrane Mining Company sold
Managem has completed the sale of Compagnie Minière d’Oumejrane to Purple Hedge Resources Morocco, a private company based in Morocco and a wholly-owned subsidiary of Purple Hedge DWC, a private company established in the United Arab Emirates.
The Oumejrane Mine is located in Eastern Anti-Atlas, Draa-Tafilalt region, Morocco. It is known for copper-silver and barite, with historical small-scale mining. Purple Hedge aims to enhance the mine’s development and increase copper production in Morocco and Africa.
Deal
The deal was valued at $30 million (MAD 301 million), with an additional conditional payment of over $2 million (MAD 30 million) to be made after 12 months, according to a statement from Managem. Managem’s strategy reflects a broader trend of African mining companies repositioning assets to capitalize on strategic minerals like copper and gold, driven by global demand for resources essential to the energy transition. Purple Hedge’s entry aligns with growing private investment in African minerals, particularly for renewables and green technologies.
Proceeds from the sale might fund new exploration projects for Managem or strengthen existing operations in Africa. Purple Hedge will be backed by equity funding from Africa-focused investors and financing from a New York-based investment fun.
“The completion of this sale marks an important milestone, with the selection of a strong buyer capable of financing both the acquisition and the development of the Oumejrane mine. We will uphold the high standards of health, safety, and environmental protection that have always been our priority,” said Imad Toumi, Chairman and CEO of Managem.
