Morocco targets $1.7 bln in non-phosphate mining revenue by 2030

It did not say which minerals it would target

  
View of the Koutoubia Minaret Mosque in Marrakesh Morocco The Koutoubia Mosque is the largest mosque in Marrakesh, Morocco. The mosque is also known by several other names, such as Jami' al-Kutubiyah, Kotoubia Mosque, Kutubiya Mosque, Kutubiyyin Mosque, and Mosque of the Booksellers.

View of the Koutoubia Minaret Mosque in Marrakesh Morocco The Koutoubia Mosque is the largest mosque in Marrakesh, Morocco. The mosque is also known by several other names, such as Jami' al-Kutubiyah, Kotoubia Mosque, Kutubiya Mosque, Kutubiyyin Mosque, and Mosque of the Booksellers.

Getty Images/ Craig Hastings

RABAT- Morocco plans to raise revenue from non-phosphate mining to more than 15 billion dirhams ($1.7 billion) by 2030 from 6.5 billion dirhams in 2020 by facilitating investments and tax incentives.

With 72% of global reserves, Morocco is the world's largest phosphates exporter and last year its state-owned phosphates company OCP reported revenue of 56.1 billion dirhams.

The Moroccan energy and mining ministry said on Monday in its 2025-2030 mining development plan that it is also aiming for a tenfold increase in investment in mine prospecting and research to 4 billion dirhams.

It did not say which minerals it would target, but Energy and Mining Minister Aziz Rebbah told a news conference that the government would put particular focus on "strategic metals" such as those used in the renewable energy sector.

Morocco is a major producer of renewable energy but also relies on gas imports, including through a pipeline running from natural gas producer Algeria through Morocco to Spain.

However, it is at odds with Algeria over the Western Sahara and has recently had a dispute with Spain.

Rebbah declined to answer a question on whether Rabat planned to renew the pipeline deal, which expires in November, but said the pipeline was "strategic" to Morocco's gas supply.

(Reporting by Ahmed Eljechtimi; Editing by Angus Mcdowall and Alexander Smith) ((ahmed.eljechtimi@thomsonreuters.com;))


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