2024-01-16 16:55:00
Credit: CMR
Critical Mineral Resources PLC (CMR) announced on Tuesday the acquisition of 26 exploration permits in central Morocco for copper, antimony, tungsten, lead-zinc and gold.
As a reminder, CMR had announced the change in its management. This initiative followed the acquisition of an 80% stake in Atlantic Research Minerals last June by CMR and the obtaining of permits for its Ighrem project last September. CMR also announced last October the signing of an agreement with the Moroccan company SA Strategy, for the extraction of cobalt in Zagora.
This acquisition was made through the Moroccan company Hesperis Resources SARL, via the issue of 3 million CMR shares worth 150,000 pounds sterling, plus 75,000 pounds sterling via a deferred consideration of 1 .5 million CMR shares, it is reported.
The same source adds the exploration and development company focused on clean energy metals in Morocco said that “the acquisition transforms CMR’s incubator portfolio in terms of its potential land footprint in Morocco and exposure to a broader range of critical metals and minerals.”
Hesperis permits are located in the administrative regions of Rabat, Beni-Mellal, Agadir and Errachidia and cover approximately 400 square kilometers. Nourredine Sabraoui, CMR’s chief operating officer, owns 25% of Hesperis, CMR said, making the transaction considered a related party transaction.
“The acquisition of the Hesperis permits marks a key milestone in Critical Mineral Resource’s journey. The company now has a significant opportunity thanks to the continued accumulation of permits over a significant area within well-established Moroccan mining territories”said Charlie Long, general manager of the company.
“We have excellent momentum that allows us to continue our strategy of developing a portfolio of exciting assets with the potential to bring critical minerals to the clean energy revolution to production and cash generation. We are delighted to welcome the owners of Hesperis as shareholders of the company”we conclude.
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