Rabat, January 8, 2025 ALJIHAPOST
Managem has officially announced the sale of the Oumejrane Mining Company (CMO) to Purple Hedge Resources Morocco, a private Moroccan company fully owned by Purple Hedge DWC, headquartered in the United Arab Emirates.
The transaction was concluded for $30 million, including conditional price supplements exceeding $2 million, to be paid after 12 months, subject to specific conditions.
Background of the Deal
Initially, Atlas Metals Group was set to acquire CMO but failed to secure the necessary funding within the required timeframe. This allowed Purple Hedge Resources Morocco to successfully complete the acquisition.
Ambitions of Purple Hedge DWC
Purple Hedge DWC aims to become a leading player in copper production in Morocco and across Africa. To achieve this, the company is backed by:
- Equity financing from a private investor active in Africa.
- Financial support from a leading New York-based investment fund renowned for its expertise in strategic metals essential to the energy transition.
Commitments Post-Acquisition
Purple Hedge DWC has pledged to:
- Maintain the high standards of management established by Managem.
- Ensure the continuity of mining operations.
- Protect the rights and interests of CMO employees.
Outlook
This transaction highlights the growing strategic importance of Morocco’s mining sector in the global market, particularly in response to the increasing demand for strategic metals critical to the energy transition.
