London - A new mining code, adopted last year by Morocco, targets non-phosphates investment, says the global publishing firm, Oxford Business Group (OBG).
London – A new mining code, adopted last year by Morocco, targets non-phosphates investment, says the global publishing firm, Oxford Business Group (OBG).
This new code is expected to help boost sector growth and exports by tapping Morocco’s underexploited mineral resources, notes OBG in a study, published recently.
While mineral production is already a key economic driver, tapping into underexploited resources will be key to stoking job creation and achieving the government’s ambitious targets for the sector, underlines OBG’s analysis.
Part of a broader national development strategy for the mining sector, the new law – which replaces the previous mining code, gazetted in 1951 – aims to triple non-phosphate industry revenues by 2025 to more than Dh15bn (€1.4bn), note OBG experts.
The new mining code is also expected to increase investment in research and exploration 10-fold to Dh4bn (€368m), and double the amount of direct jobs created to 30,000, OBG adds.
To achieve this, the Moroccan authorities aim to attract greater private investment through more attractive licensing regulations and a larger database of geological survey, according to the British publishing firm.
The new code specifies three types of mineral rights – research permits, exploration licences and operating licences – with different durations assigned to each category, OBG says.
Research permits are granted for a period of three years, renewable for an additional four, while exploration licences are valid for two years, renewable for an additional year. Operating licences, meanwhile, are granted for 10 years, OBG notes.
It adds that the new code has also expanded the coverage area of mining licences to between 100 and 600 sq km, with a possibility of extending to 2400 sq km.
Oxford Business Group is a global publisher and consultancy producing annual investment and economic reports on more than 30 countries. Every business report is based on in-country research by experienced analysts.