A Chinese mining company has taken full control of one of Morocco’s biggest tin mine projects after buying the remaining stake from two Japanese firms. Inner Mongolia Xingye Silver and Tin Mining agreed to buy the final 25% stake in Atlas Tin SAS for $23.1m, according to a filing with the Shenzhen Stock Exchange.
The shares were previously owned by Toyota Tsusho and the mining arm of Nippon Steel.
The deal means Xingye now owns 100% of Atlas Tin, the company behind the Achmmach tin project near Meknès.
The Achmmach project covers 11.9 square kilometres and has a mining licence that runs until 17 January 2032.
Mining experts say Achmmach is one of the world’s largest undeveloped tin deposits. The mine is expected to operate underground rather than as an open-pit mine.
Tin is becoming more important as demand grows for electric vehicles, solar panels, smartphones and artificial intelligence systems. About half of the world’s tin is used to make solder, which connects electronic components on circuit boards.
Researchers at the Massachusetts Institute of Technology have previously identified tin as one of the metals expected to see the biggest increase in demand from new technologies.
Global tin supplies have also tightened in recent years because of export restrictions in Myanmar and processing disruptions in Indonesia, making new sources of the metal more valuable.
Atlas Tin was originally a joint venture between Australian company Kasbah Resources, Toyota Tsusho and Nittetsu Mining, part of the Nippon Steel group. Xingye gradually increased its stake before buying out its Japanese partners.
