Morocco’s Mining Play: Why Investors Are Betting on Marrakech for Africa’s Next Boom

Morocco has quietly positioned itself as Africa’s mining investment magnet, with the Fraser Institute ranking it first on the continent and eighth globally for mining attractiveness in 2024. The kingdom’s ascent reflects a calculated approach that’s drawing capital away from regional competitors and positioning Marrakech as the unofficial headquarters for African mining deals.

More than 800 delegates from over 20 countries attended the inaugural Morocco International Mining Congress (IMC) in 2024, with 50 exhibitors promoting their services. For this year, organisers expect participation to double, signalling Morocco’s growing influence as a deal-making hub for African mining capital.

The Mining Magnet Formula

Morocco’s recipe combines three key ingredients: substantial mineral wealth, investor-friendly regulations and geography. The kingdom holds approximately 75% of global phosphate reserves, alongside significant deposits of cobalt, manganese, copper and other critical minerals essential for electric vehicle batteries and clean energy infrastructure.

The country sits between Africa, Europe and the Atlantic Basin, making it a natural bridge for mineral exports to European markets and a meeting point for major geopolitical players. When high-level delegations from Benin, Gabon, Madagascar, Mauritania, Niger and Senegal attended IMC 2024, they came to study Morocco’s playbook closely. Their Fraser Institute rankings lag significantly behind – Niger ranks dead last globally for mining investment attractiveness, whilst Senegal occupies the bottom tier.

Law and Order

Morocco’s recent mining legislation overhaul has streamlined what was once a bureaucratic maze. The new laws introduced tax incentives including a reduced corporate tax rate of 17.5% for exporting mining companies, compared to the general 20% rate. The legislation simplifies land use permit procedures and establishes arbitration committees to resolve disputes between authorities and operators.

The reforms target SMEs with easier access to mining titles and expanded scope for industrial mineral substances. This contrasts sharply with neighbouring countries where permit processes remain cumbersome and unpredictable. The Fraser Institute’s policy perception score of 86.53 for Morocco reflects this regulatory clarity – a stark difference from the policy uncertainty plaguing other African mining jurisdictions.

Big Money Backing

The heavyweight sponsors of IMC 2024 reveal who’s betting on Morocco’s mining future. OCP Group committed $13 billion through 2027, expanding mining capacities including a new mine in Meskala. The state-owned phosphate giant aims to increase fertiliser production capacity from 12 million to 20 million tons.

Managem, Morocco’s largest private mining group, is pursuing aggressive expansion with a $300 million capital increase in 2024 to fund gold, copper and cobalt projects. The company expects to double copper output by next year and is investing up to $100 million in a cobalt sulfate factory targeting electric vehicle battery manufacturers.

Aya Gold and Silver has ramped up operations at its Zgounder Silver Mine, producing 1.65 million ounces in 2024 and targeting 5-5.3 million ounces this year following plant expansion. Australian mining giant Fortescue’s sponsorship signals international confidence in Morocco’s mining sector, particularly as the company pivots toward sustainable mining operations.

ONHYM, Morocco’s national hydrocarbon and mining office, provides institutional backing that reassures foreign investors about government commitment to the sector. The presence of equipment suppliers like Liebherr, COBCO, JESA and CMT as sponsors indicates a developing supply chain network around Morocco’s mining operations.

The Critical Minerals Prize

Morocco’s value extends beyond traditional mining. The kingdom produces seven critical metals including phosphate, copper, cobalt, manganese, nickel, fluorine and barite. These materials are essential for the global energy transition, particularly electric vehicle batteries and renewable energy infrastructure.

Managem has already secured contracts with Renault and BMW for sustainable cobalt supply, positioning Morocco as a reliable source for European automotive manufacturers. The company’s cobalt sulfate factory investment directly targets the EV battery supply chain, offering shorter logistics routes to European assembly plants compared to traditional African suppliers.

The African supply chain reorganisation is gathering momentum. Morocco’s congress aims to develop relationships between African countries to strengthen local capacities and secure supply chains for critical metals. This collaborative approach contrasts with the resource nationalism emerging in countries like Burkina Faso, which recently nationalised gold mining assets. Similar to how Canadian miners are optimising exploration through digital tools, Morocco is modernising its approach to resource development.

What This Year Will Decide

IMC 2025 will focus on resolving key competitiveness issues identified at the 2024 gathering. The agenda includes implementing tax incentive measures adapted to mining exploration phases, simplifying administrative procedures for land use permits and establishing financing mechanisms for SMEs in the mining sector.

Strengthening geological infrastructure ranks high on the priority list, with plans to develop systems for accessing geological data to support research and sector development. Skills development through training qualified engineers, technicians and operators addresses the growing needs of an expanding sector.

The congress takes place 24-26 November in Marrakech, supported at the highest levels by Morocco’s Ministry of Energy Transition and Sustainable Development, Ministry of Industry and Commerce, and AMDIE. Two days of conference sessions will be accompanied by workshops, exhibitions and mine site visits.

Morocco’s positioning as a meeting point for major geopolitical blocs makes Marrakech more than just another mining conference venue. It’s becoming the place where African mining capital gets allocated, where European buyers meet African suppliers, and where the continent’s mineral wealth gets converted into competitive advantage.

The doubling of expected participation this year suggests Morocco’s mining magnetism is just getting started. For investors looking to position themselves in Africa’s next resource boom, the path increasingly runs through Marrakech. Just as Ghana leverages diaspora expertise for economic growth, Morocco is building on its geographic advantages to capture mining investment flows across the continent.