Morocco Grants Altus Strategies 10-year Mining License

Rabat – UK-based mining company Altus Strategies has announced that Morocco’s Ministry of Energy Transition and Sustainable Development has granted the business a 10-year mining license for its Agdz copper and silver project.

“The granting of a mining license for the Agdz copper-silver project in Morocco is a notable milestone for the project,” Chief Executive of Altus, Teven Poulton, said in a Tuesday press release.

“The 10-year license provides long-term security of tenure for Agdz, where the company has discovered a number of significant copper and silver prospects,” Poulton added.

Agdz lies 14 kilometers southwest of the Bouskour copper-silver mine in Morocco’s eastern Anti-Atlas region, said Altus Strategies in a press release on April 12, noting that Bouskour’s resources and reserves were not indicative of commercial mineralization at Agdz.

Agdz has licenses to mine four large areas of copper and silver that occupy an area of about eight square kilometers.

The company’s Agdz Moroccan portfolio is controlled by its wholly-owned subsidiary Aterian Resources.

Agdz is one of 14 projects the company plans to sell to Eastinco, whose anticipated admittance to the London Stock Exchange (LSE) Standard List remains a condition of the transaction.

Upon completion of the transaction, Altus will own 25% of Eastinco’s issued share capital and hold 14 new royalties in Morocco and one in Rwanda.

Altus will also be given five-yearly warrants to purchase up to an extra 10% of Eastinco’s expanded share capital if it is admitted.

Altus Strategies is a mining royalty company based in the United Kingdom. It extracts precious metals that generate a diverse portfolio of assets.

The company’s strategy of generating royalties from its own discoveries in Africa and through third parties enabled it to attract great investments.

Morocco’s mining sector contributes between 7% and 10% to the North African country’s gross domestic product.

Last year, Morocco’s government launched a new Mining Plan for 2021 – 2030. The strategy aims to boost the performance and economic impact of the mining sector in the country.