A Canadian mining company is putting Morocco at the heart of its future plans after selling a major gold project in Canada and naming a new chief executive to lead its expansion in the North African country.
Morocco Strategic Minerals Corporation (MCC) has appointed Pierre-Olivier Goulet as CEO. He will be responsible for running the company and developing its mining projects in Morocco.
The company’s former CEO, Guy Goulet, will become executive chairman and continue to oversee its long-term strategy.
The leadership change comes a day after MCC agreed to sell its Sakami gold project in Quebec’s James Bay region to Visible Gold Mines.
As part of the deal, MCC will receive four million shares in Visible Gold, giving it a stake of nearly 10% in the company. It will also keep a 1% royalty on any future mineral production from the project.
The company said the sale will allow it to focus more of its money and resources on Morocco.
The move marks a clear change in direction for MCC, which had previously split its activities between Canada and Morocco. The company is now concentrating on finding and developing deposits of copper, silver, cobalt and lithium in Morocco.
Morocco has attracted growing interest from mining companies in recent years thanks to its mining laws, improving infrastructure and strong links to European markets.
The company’s new CEO, Pierre-Olivier Goulet, is expected to lead the next phase of development as MCC moves from acquiring projects to advancing them on the ground.
The Sakami project covers around 250 square kilometres in northern Quebec. The sale is still subject to standard closing conditions and regulatory approval where required.
