Purple Hedge acquires Moroccan mining asset
Purple Hedge Resources Morocco, a subsidiary of the UAE-based Purple Hedge DWC, has completed the acquisition of Compagnie Minière d’Oumejrane from Morocco’s Managem Group for US $30 million, with two conditional earn-outs exceeding US $2 million to be paid after one year. The acquisition significantly bolsters Purple Hedge’s copper production capabilities in Morocco, aligning with its strategic aim to expand across North Africa and the continent.
Scope of acquisition
Managem Group confirmed that the deal includes commitments by Purple Hedge to uphold the interests of Oumejrane’s employees and ensure adherence to the compliance standards established by the previous owner. Imad Toumi, CEO and Chairman of Managem, highlighted the strategic importance of selecting a robust buyer capable of financing both the acquisition and the mine’s development.
Funding sources will come from a New York-based investment fund specializing in minerals and metals for the global energy transition and a private investor focusing on African development. Asafo & Co provided comprehensive legal counsel on the cross-border transaction and the African mining regulatory landscape. The legal team, led by Patrick Larrivé, supported by associates, played a pivotal role in facilitating the acquisition.
This acquisition aligns with Purple Hedge DWC’s strategy to strengthen its foothold in the North African mining sector, particularly in copper—a critical resource in the global energy transition. The deal underscores continued interest from international investors in Africa’s mineral resources, driven by the rising demand for metals essential for renewable energy technologies. Asafo & Co’s involvement also reflects its growing prominence in advising high-profile transactions across Africa, including a recent EUR 25 million investment in a Moroccan tea company.
