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Morocco Mining Report Q4 2009
Business Monitor International, Oct 2009, Pages: 47
This 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.
The Kingdom of Morocco, with coasts on the Atlantic as well as the Mediterranean, is home to over 90 mining companies producing 20 different mineral products. The economically vital mining sector is dominated by phosphates, which account for 92% of mineral production. Other metals and minerals – including lead, zinc, copper, iron, fluorine, silver, manganese, cobalt, antimony and salt – are also beginning to grow in significance. Silver is produced in substantial amounts and is primarily sourced from the Imiter mine located in the Oriental Anti Atlas. Morocco also hosts cobalt at the Bou Azzer deposit, which is the world’s only primary cobalt deposit.
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.
Extended Coverage On Phosphate
Morocco contains around half of the world’s phosphate deposits. In 2008, the kingdom mined some 28mn metric tons of phosphate rock, making it the third-largest producer in the world (behind China and the US). Phosphate is a key source of revenue for the government. The industry is dominated by state-run OCP, which made an estimated net profit of US$2.8bn during 2008, according to a June 2009 report on the Forbes website. OCP produces just over 27mn tonnes of raw phosphate per annum, giving it a 43.5% share of the global market for lime phosphate, 47.2% of the phosphoric acid market and 9.5% of fertilisers, according to company data. BMI has coverage on the key phosphate sector on page 17 of this report and the publisher plans to keep developing their coverage in the coming months.
Industry Forecast
Morocco’s zinc mining output is expected to decline in the coming years. Lead and silver outputs are also expected to go down. However, there is a strong opportunity for tin, with demand coming from the expanding electronics industry. The sector has also been helped by a ban on lead solder by the US and EU, increasing demand for tin solder. Also, current global production levels of tin are declining, while there are few new developments of any scale. Morocco has some of the largest untapped reserves of tin in the world, at Achmmach.
Despite the declining prices for commodities and falling output on a local level, BMI expects the Moroccan mining sector to grow at a slow but solid pace over the forecast period. Between 2008 and 2013, the publisher expects the compound annual growth rate (CAGR) to stand at 2.49% in local currency terms, although the publisher forecasts a slight decline in US dollar terms. The industry value is expected to be worth US$1.10bn in 2013, contributing around 1.1% to the nation’s GDP.
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