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Norwegian mineral sector innovative project investment company Element has signed a LOI with French listed gold producer Auplata SA to acquire in a joint venture OSEAD Maroc Mining, reports Reuters.
Through their agreement, the two mining firms will obtain 100% of all the outstanding shares in OSEAD. The latter owns 37% of the shares of Compagnie Minière de Touissit (CMT) the second largest private mining operator in Morocco, which mines primarily lead and silver with some zinc.
«We are effectively buying a controlling stake in Morocco's second largest mining company together with our new partner Auplata», says Element's chairman Lars Beitnes in a press release issued by the company.
Auplata is the largest exchange-listed French gold producer. It has been developing its mining portfolio on the African continent since mid-2015 through a former acquisition.
Element, on the other hand, is an innovative project investment company within the mineral sector, which continuously strives to create shareholder value at the lowest possible risk.
The two companies have been interested particularly in CMT. The latter is a Moroccan mining company founded in 1974, listed on the Casablanca Stock Exchange, specializing in the exploration, extraction and processing of base metal, precious metal and industrial metal ores.
