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Follow on Google News | New Market Research Report: Morocco Mining Report Q4 2010Recently published research from Business Monitor International, "Morocco Mining Report Q4 2010", is now available at Fast Market Research
The Moroccan mining sector could be set for a boost in 2011 following the news that the country's two major conglomerates - Groupe ONA and parent company Societe Nationale d'Investissement (SNI) - are planning to merge, then delist from the local stock exchange and then look to divest majority stakes in key subsidiary companies. Among ONA's companies are diversified miner Managem and steel maker Sonasid. ONA and SNI delisted from the stock exchange in August 2010, when the companies bought back some US$1.2bn-worth of shares. The first companies likely to be divested are sugar maker Cosumar, food manufacturer Lesieur and dairy concern Centrale Laitiere. At present, no concrete information on future divestment plans for any mining concerns has been forthcoming. However, the intention of ONA seems to be to move away from having a hands-on management role in its subsidiary companies and to allow foreign partners to gain a stake. In 2009, ONA saw net income increase to MAD2.92bn (from MAD1.12bn in 2008), while revenues also climbed, by 1.9%. Helping the group's performance was a reduction in the losses made by mining concern Managem, which benefited from a recovery in metals prices, plus higher production levels, according to a report on Reuters. BMI will monitor the situation over the coming months to see if any new mining sector investment opportunities present themselves. Odyssey pulls out of Morocco In August 2010, Canadian company Odyssey Resources announced that it was terminating its copper exploration activities in Morocco. To that end, it will now seek to liquidate its Moroccan subsidiary and not pursue the renewal of its mining licences in the country, which expired in July 2010. The company cited disappointing exploration results and what Odyssey described in a press release as 'the company's inability to find a suitable solution to continue its work on this project' as reasons for pulling out of Morocco. New company profile BMI is pleased to launch coverage of Maya Gold & Silver within the Company Monitor section of this report. Maya Gold & Silver is a Canadian-based mining exploration company, whose current assets consist of two properties, the gold and silver Amizmiz project in Morocco and the Baluarte gold/silver project in Mexico. In August 2010, Maya bought out its prospective joint venture partner Societe d'Exploration Geologique des Mineraux (SEGM). This means that Maya now holds a 100% interest in the four exploitation permits and one exploration permit for the Amizmiz gold and silver project, covering an area of 80km2. Country Overview The Kingdom of Morocco's economically vital mining sector is dominated by phosphates, which accounted for some 93% of mining production in 2009. This industry is also dominated by state-run OCP. Beyond phosphates, the country also produces manganese, lead, zinc, copper and cobalt. 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 Minieres (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. Industry Forecast We are broadly favourable on the outlook for Morocco's mining sector over our forecast period to 2014 and we forecast an average annual growth rate of 4.13%. In particular, tin might prove to be an increasingly important commodity for Morocco, if Kasbah Resources decides to commission a mine at Achmmach in the years ahead. For more information or to purchase this report, go to: - http://www.fastmr.com/ Partial Table of Contents: Executive Summary Global Mining Outlook - Table: Rio Tinto's Capital And Major Evaluation Projects For 2010 - BMI Views - Risks To Outlook Industry Trends And Developments - Overview - Regulatory Structure And Developments Key Projects - Phosphate - Gold - Tin - Uranium - Diamonds Business Environment - Africa Mining Overview - Africa Mining Business Environment Ratings - Table: Africa Mining Q410 Business Environment Ratings - Morocco's Business Environment Ratings - Limits Of Potential Returns - Risks To Realisation Of Returns Political Environment - Domestic Politics Commodities Forecasts - Nickel - Table: BMI's Nickel Forecasts - Table: Nickel, 2005-2014 - Aluminium - Table: BMI's Aluminium Forecasts - Table: Aluminium, 2005-2011 - Lead - Table: BMI's Lead Forecasts - Table: Lead, 2005-2011 - Zinc - Table: BMI's Zinc Forecasts - Table: Zinc, 2005-2011 - Copper - Table: BMI's Copper Forecasts - Table: Copper, 2005-2011 - Morocco's Mining Industry Forecast - Table: Morocco Mining Industry Forecast, 2007-2014f Competitive Landscape - Table: Key Players In Morocco's Mining Sector Company Monitor - Kasbah Resources - Maya Gold and Silver - Metalex Ventures Global Assumptions - Table: Global Assumptions, 2009-2014 - Table: Global And Regional Real GDP Growth , 2009-2014 (% change y-o-y) - Table: Exchange Rates, Selected Countries, 2009-2014 (annual average) - Table: Real GDP Growth - Consensus Forecasts, 2010 And 2011 (% change y-o-y) - Table: Selected Developed States' Real GDP Growth, 2007-2012 (% change y-o-y) - Table: Selected Emerging Markets' GDP Growth, 2009-2012 (% change y-o-y) Full Table of Contents is available at: -- http://www.fastmr.com/ About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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