Igli project in Morocco set for acquisition
The Igli project in Morocco is set to be purchased. Critical Mineral Resources (CMR) revealed the report and said the firm has secured an exclusive option for the project’s acquisition.
The Igli project is situated in Morocco’s Anti-Atlas region. The project is known for high-grade silver and copper deposits, with reported grades up to 912g/t of silver and 2.97% copper. CMR has positioned itself as a preferred development partner in Morocco, focusing on critical commodities essential for Western economies and the energy transition.
CMR raised £750,000 ($973,007) through a convertible loan note to fund operational and capital expenses, particularly for exploration at Igli. Prism Group, a notable Swiss and UAE-based investment firm, contributed significantly to this funding.
CMR has a 16-month window to conduct comprehensive geochemical, geophysical, and drilling activities before finalizing the acquisition of Igli. Initial terms include a $12,000 exclusivity payment for a two-month due diligence period until September 13. An $80,000 exclusive option payment would extend the acquisition window by 14 months from September 13, with a subsequent cash payment of $560,000 required for a 90% stake in the project.
The Igli project comprises a 10.04km² mining license and an adjacent 5.96km² exploration permit. CMR is optimistic about the project’s potential due to promising high-grade mineralization in shear zones and lower-grade mineralization in basalt formations.
Mining industry
The mining industry of Morocco is important to the national economy. Morocco is the world’s largest producer of phosphate, and contains about 75% of the world’s estimated reserves. Mining contributed up to 35% of exports and 5% of GDP in 2011. Foreign investors have found the investment climate, the infrastructure, fiscal situation, and political stability very favorable to continue business in the country in this sector.
