Lead Concentrate Trade
Critical Mineral Resources PLC
('CMR' or the 'Company')
Lead Concentrate Trade
Critical Mineral Resources PLC, the company focused on mine development and trading of critical minerals in Morocco is pleased to announce completion of a maiden purchase and sale of lead concentrate by its commodities trading business. The commodities trading complements CMR's core strategy of acquiring and developing prospective mining projects in Morocco.
Commodities trading
CMR has capitalised on the board's experience and knowledge of the domestic mining industry to source metal and mineral concentrates and raw ores from Morocco's distinct mining regions, for marketing either through the Casablanca commodities market or directly to international customers.
The trading involves buying and selling raw ore and concentrates from small scale miners and aggregators before selling the material at the most favourable payment terms available.
Lead mining in Morocco
Following the recent announcements relating to antimony and copper, the Company has now undertaken its first transaction in high-grade lead concentrate.
This trade is consistent with our strategy of sourcing material from smaller producers and, where appropriate, deploying our joint venture partner's established concentrating facilities. The transaction is one of several being undertaken this year, and it positions CMR as a modest, but expanding and ambitious, trading entity in Morocco.
Charlie Long (CEO) commented: "We are delighted to have undertaken our first lead trade, a product stream that has the potential to grow very significantly given Morocco's lead production levels. I'd like to highlight that the three trades announced over the last few days reflect our team's experience and reach in the Moroccan mining and metals-trading sectors. This expertise will also be the key to CMR's future success in mine development, in terms of securing our preferred project and progressing it quickly and efficiently for the benefit of shareholders".
Lead background
Morocco is a significant producer of lead, exporting approximately 120,000 tonnes of lead concentrate in 2022, mostly from three districts (i) Touissit Bou and Beker in the north east, close to the border with Algeria (ii) the Aouli Mibladen area near Midelt, and (iii) the Aouam area south of Meknes.
Domestic consumption of lead is modest, with the ceramics industry of the Rabat-Salé region the main consumer for the fabrication of pottery glazes. Most crude ore and lead concentrates are exported. In 2022 Morocco was the 13th largest exporter of crude lead ore and concentrates globally, with Germany, South Korea and Italy its major trading partners.
Lead is seen by CMR as one of five priority opportunities for near-term sales growth alongside manganese, zinc, copper, antimony and various industrial minerals.
Fig 1: Morocco mining map
Source: Company
CONTACT:
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Critical Mineral Resources PLC Charles Long, Chief Executive Officer |
info@cmrplc.com
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Novum Securities Jon Belliss |
+44 (0) 20 7399 9425 |
Notes To Editors
Critical Mineral Resources (CMR) PLC is an exploration and development company focused on developing assets that produce key commodities for the global economy including those essential for electrification and the clean energy revolution. Many of these commodities are widely recognised as being at the start of a supply and demand supercycle.
CMR is building a diversified portfolio of high-quality metals exploration and development projects in Morocco, focusing on copper, manganese and potentially other critical minerals and metals. CMR identified Morocco as an ideal mining-friendly jurisdiction that meets its acquisition and operational criteria. The country is perfectly located to supply raw materials to Europe and possesses excellent prospective geology, good infrastructure and attractive permitting, tax and royalty conditions. In 2023, the Company acquired an 80% stake in leading Moroccan exploration and geological services company Atlantic Research Minerals SARL.
Since taking over the CMR in 2022, the current management has completed a comprehensive strategic review and restructuring of the business and implemented its clear strategy to maximise exploration and resource development opportunities for the benefit of all stakeholders. The Company is listed on the London Stock Exchange (CMRS.L). More information regarding the Company can be found at www.cmrplc.com
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