Moroccan mining group Managem has reached a significant agreement to sell its subsidiary, the Compagnie Minière d’Oumejrane, to UK-based company MetalNRG Plc, which is listed on the London Stock Exchange. The deal, valued at a minimum of $32 million, is part of Managem’s strategy to focus on larger-scale projects.
Following a competitive bidding process, both Managem and MetalNRG Plc signed a binding agreement for the sale of 100% of Compagnie Minière d’Oumejrane. The transaction terms include an initial payment of $32 million, with an additional contingent payment based on the average copper price in the 12 months following the transaction’s closure.
Employee protection commitments have been made as part of this deal, ensuring that the workforce’s interests are safeguarded during the transition.
MetalNRG’s acquisition is financed by Orion, a New York-based asset management firm specializing in precious metals and energy transition resources. The deal is currently awaiting approval from Morocco’s Competition Council, along with the completion of several other conditions.
