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China-Africa Trade Information Service
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China-Africa Trade Information Service
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The volume of Morocco's investments in the mining sector exceeded MAD 13 billion, or $1.14 billion in 2021, recent data shows.
Morocco’s Minister of Energy Transition and Sustainable Development Leila Benali shared the recent data in the House of Councillors on Tuesday, emphasizing that the investment budget includes MAD 12 billion dedicated to phosphates.
Benali said that the value of the contribution to the sector of national exports was 26% in 2021 or MAD 86 billion ($8.23 billion).
Meanwhile, the mining sector turnover reached nearly MAD 100 billion ($9.57 billion) last year.
“The total volume of mining production during the same year amounted to 41 million tonnes, including 38 million tonnes of phosphates,” Benali said.
Benali also stressed the importance of boosting investments in the mining sector, noting that the industry requires “huge and very important spending.”
The allocated investment budget for exploration and research in the mining sector, excluding phosphate, amounted to MAD 1 billion ($95.79 million) for the year 2021.
The investment figure remains below the level required to develop Morocco’s subsoil wealth, the minister argued.
In addition, she vowed that her ministry will support and encourage mining and its exploration as a “preliminary step” in determining the projects’ feasibility.
Canadian think tank Fraser Institute issued an annual survey this year in April, emphasizing that Morocco is the “best place for mining investment in Africa.” The survey also identified Morocco as the eighth-best mining investment location in the world.
With 75% of the world’s phosphate reserves, Morocco is the largest exporter of the key material used in diversified industries, including agriculture.
