Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Morocco plans to raise revenue from non-phosphate mining to more than 15 billion dirhams ($1.7 billion) by 2030 from 6.5 billion dirhams in 2020 by facilitating investments and tax incentives.
With 72% of global reserves, Morocco is the world’s largest phosphates exporter and last year its state-owned phosphates company OCP reported revenue of 56.1 billion dirhams.
The Moroccan energy and mining ministry said on Monday in its 2025-2030 mining development plan that it is also aiming for a tenfold increase in investment in mine prospecting and research to 4 billion dirhams.
It did not say which minerals it would target, but Energy and Mining Minister Aziz Rebbah told a news conference that the government would put particular focus on “strategic metals” such as those used in the renewable energy sector.
Morocco is a major producer of renewable energy but also relies on gas imports, including through a pipeline running from natural gas producer Algeria through Morocco to Spain.
However, it is at odds with Algeria over the Western Sahara and has recently had a dispute with Spain.
Rebbah declined to answer a question on whether Rabat planned to renew the pipeline deal, which expires in November, but said the pipeline was “strategic” to Morocco’s gas supply.
(By Ahmed Eljechtimi; Editing by Angus Mcdowall and Alexander Smith)
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