The British mining company Altus Strategies Plc announced on Tuesday that the Ministry of Energy Transition had granted it a 10-year mining license for the Agdz copper and silver project.
Agdz is located 14 km southwest of the Bou Skour Cu-Ag mine in the eastern Anti-Atlas of Morocco. Agdz is one of 14 Moroccan projects that will be sold by Altus to Eastinco subject to its proposed listing on the London Stock Exchange. Altus will hold royalties on all Moroccan projects.
“The granting of a mining license for the Agdz Cu-Ag project in Morocco is an important milestone for the project. The 10-year license provides long-term security of tenure for Agdz, where the company has discovered a number of significant copper and silver prospects,” said Steven Poulton, Managing Director of Altus.
Altus’ Moroccan portfolio of 14 projects including Agdz is owned by its wholly-owned subsidiary Aterian Resources Ltd, which is in turn subject to a potential sale and royalty transaction with Eastinco Mining and PLC exploration. Following the sale transaction, Altus will hold royalties on all Moroccan projects, a royalty on a tantalum asset in Rwanda as well as 25% of Eastinco’s expanded share capital with warrants to purchase up to at an additional 10%.