Managem Group, Morocco’s biggest mining company, announced on Wednesday that it is selling its subsidiary Compagnie Minière d’Oumejrane to Purple Hedge Resources Morocco, a private Moroccan company wholly owned by Purple Hedge DWC, based in the United Arab Emirates.
Valued at USD 30 million, the deal includes two conditional price supplements of more than USD 2 million, payable after 12 months.
The company enjoys financial backing from a private investor specializing in the African continent and funding from a top-tier New York-based investment fund renowned for its expertise in energy transition metals and minerals.
The sale is a pivotal move for Managem, which sought a buyer capable of both acquiring and developing the Oumejrane mine.
Chairman and CEO of Managem, Imad Toumi, said he was confident in Purple Hedge’s ability to uphold the high standards of health, safety, and environmental stewardship that Managem has prioritized.
“This sale represents a decisive step with a solid buyer who can finance the acquisition and the mine’s future growth,” Toumi stated. “We trust Purple Hedge DWC and its investors will maintain the excellence standards we’ve built over the years.”
Purple Hedge DWC has also pledged to protect the interests of Oumejrane’s employees and ensure the mine continues to operate.