The Canadian company acquires the 15% of ONHYM

The Canadian company announced, this Monday, September 12, that it has sealed an agreement, subject to customary closing conditions and regulatory approvals expected before the end of 2022, to have entered into an agreement with the National Office of Hydrocarbons and Mines (ONHYM ) for the acquisition of the 15% held by the office in the Zgounder project and five permits adjacent to the Zgounder silver mine for a total consideration of 67 million dirhams (regarding 6.5 million dollars).

ONHYM will maintain its 3% royalty on the Zgounder property, and a 3% royalty is granted on production from the new permits, the statement from the Canadian mining company said. This transaction is part of the consolidation of the collaboration of the two parties, for the exploitation of other strategic initiatives, in particular the examination and evaluation of additional exploration land in Morocco. “This agreement is highly accretive for all stakeholders and demonstrates our strong relationship with ONHYM and the Government of Morocco,” said Benoit La Salle, President and CEO.

“We have acquired 100% ownership of the Zgounder project and acquired strategic and adjacent permits, consolidating our position around Zgounder. We look forward to the continuation of our strong partnership with ONHYM as we collaborate and drive value for all stakeholders on mining opportunities in the Kingdom of Morocco.” concludes the press release from the Canadian company.