Critical Mineral Resources plc, an exploration and development company focused on metals for clean energy, signs a binding agreement for an option to participate in the “Cobalt Zagora Project”. The British company and its subsidiary Atlantic Research Minerals are joining forces with SA Strategy SARL.
British company Critical Mineral Resources (CMR) PLC and its subsidiary Atlantic Research Minerals (ARM) have entered into a “binding” agreement to participate in the “Zagora Cobalt Project”, with its owner SA Strategy SARL. ARM, a specialist in materials used in the clean energy sector, will invest “sufficient money” in the project to carry out a standard scoping study (JORC) before proceeding to a pre-feasibility study and then a design study. of positive results.
“We are pleased to have signed these binding terms for an option to acquire the Cobalt Zagora Project, which represents another important milestone in our journey in Morocco. This agreement strengthens our position in the critical minerals sector,” said Charlie Long, Managing Director of CMR PLC.
Recall that the Zagora Project is located approximately 25 km southwest of the city of Zagora and 90 km south of the Bou Azzer mining district. “While it is too early to make confident statements about the depth, geometry or extent of this deposit, the identified cobalt-mineralized structure at the surface offers the possibility of a shallow discovery,” the British company notes.
In an initial phase, Atlantic Research Minerals’ participation in this project will amount to 20 to 25%. It will then increase as the development phases of the project progress. ARM must ultimately achieve 70% participation in the completion of the final feasibility study.
Morocco, a hub of battery materials
Critical Mineral Resources PLC believes that Morocco is positioned as a hub for battery materials. “Due to Morocco’s stability and its status as a preferred trading partner of the European Union and the United States, there is a very strong demand for Moroccan exports, including cobalt and soon battery materials,” it is noted in this sentence. The British operator recalls that cobalt production in Morocco currently only takes place in the Bou Azzer district, where the Managem group operates a series of mature underground mines from which BMW and Renault have supply agreements.
Charlie Long claims that “Morocco’s cobalt industry and associated demand dynamics, combined with its position as a fast-growing battery materials hub, clearly point to demand for new cobalt projects.”
Furthermore, the actor believes that Morocco continues to receive significant recognition from global organizations as a hub for raw materials and battery materials, with commitments in recent months from China’s CNGR Advanced Material Ltd to build a cathode materials plant, supply the US and European battery markets. Similarly, South Korea’s LG Chem has committed to building a cathode materials plant in the country.
Sanae Raqui / ECO inspirations