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Morocco Mining Report Q2 2010
Business Monitor International, April 2010, Pages: 42
The Morocco Mining Report provides industry professionals and strategists, corporate analysts, mining associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Morocco's mining industry.
OCP Looking To Expand
The state-owned Office Cherifien de Phosphate (OCP) is taking advantage of the recovery in phosphate prices seen over recent months by looking to expand its operations in 2010. In February 2010, it was reported by the Maghreb Arabe Presse (MAP) that OCP is to receive a US$500mn loan from French bank Credit Agricole, which will be used to buy goods and equipment. At the same time, MAP also reported that OCP is to spend some US$200mn on building two new sulphuric acid production plants in the country, with a capacity of 3,410 tonnes per day. Additionally, the Al Hayat newspaper has reported that OCP is receiving tenders from parties interested in building a new US$500mn 200km underground pipeline to transport phosphate ore across the country. This pipeline, which is expected to be completed by end-2012, will play a key role in OCP’s previously-stated aim to boost annual production to some 50mn tonnes per annum (tpa). OCP has received some EUR240mn in loan guarantees for the project from the Agence Francaise de Developpement and Coface, according to the Al Hayat report. OCP has been performing strongly despite the impact of the global economic crisis. In September 2009, MAP reported that OCP had managed to achieve turnover of MAD1.5bn over the January-August 2009 period, making up some 75% of its projected turnover for the year.
Country Overview
The Kingdom of Morocco’s economically vital mining sector is dominated by phosphates, which account for some 95% of mineral production. This industry is also dominated by state-run OCP. Beyond phosphates, the country also produces manganese, lead, zinc, copper and cobalt.
The Office National des Hydrocarbures et des Mines (ONHYM) is the primary agency responsible for the exploration and promotion of national mineral resources. The other major state-owned organisation governing the mining industry is the Bureau de Recherches et de Participations Minières (BRPM), which is responsible for the development of most minerals found in Morocco. All mineral resources are the property of the state, which issues permits and licences for the exploration and exploitation of the resources. The current mining legislation in Morocco is based on the Mining Law (1951) and is enforced through executive orders and the Directorate of Mines. Under the law, a mining company may set up a tax-exempt reserve fund of up to 50% of the fiscal profits for exploration and development investment.
New Data
For 2010, BMI has made significant changes to the way in which we forecast mining data. As well as using local statistics agencies and associations, we now also draw on the expertise of the UN’s Industrial Commodity Statistics Database, the US Geological Survey and the World Bureau of Metal Statistics for our historical export and production data. We then forecast this data using our own proprietary econometric model. Human intervention also plays a necessary and desirable role in our mining forecasting; experience, expertise and knowledge of industry trends and developments ensuring that we can spot likely future changes and anomalous data that a purely mechanical model would not.
Industry Forecast
We are broadly favourable on the outlook for Morocco’s mining sector over our forecast period to 2014 and we forecast an average annual growth rate of 4.13%. In particular, tin might prove to be an increasingly key commodity for Morocco, if Kasbah Resources decides to commission a mine at Achmmach in the years ahead.
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