Managem Group has announced the signing of an agreement with Titan Tin on May 29, 2024, to sell 100% of its shares in SAMINE. Titan Tin, a Moroccan company wholly owned by the Australian firm Atlantic Tin, will take over SAMINE, marking a significant shift in the company’s future direction.
SAMINE’s strategic shift from fluorite to tin
Since 2021, SAMINE has halted its fluorite extraction and production activities at the El Hamam deposit near Meknes due to declining prices and the non-viability of the remaining resources. The company has since been rehabilitating its site in line with Managem Group’s environmental commitments.
Atlantic Tin, meanwhile, is developing the Achemmach Tin Project near SAMINE’s site. Tin, an essential metal in the electronics industry, electric vehicles, and metal alloys, represents a promising new direction for SAMINE.
Opportunities and synergies with Atlantic Tin
This acquisition offers SAMINE an opportunity to pivot to the tin industry. Atlantic Tin plans to launch an exploration program within the license area and utilize SAMINE’s industrial assets, including upgrading a processing unit to handle tin production.
The agreement aims to create synergies for better valuation of tin resources while ensuring a smooth transition of mining assets between stakeholders. Notably, SAMINE will continue to market low-grade fluorite concentrates to meet the national demand, particularly from the cement industry.
A strategic restructuring move for Managem
“This sale is part of our strategy to restructure and streamline our mining portfolio. It presents a fantastic opportunity for SAMINE to continue operations under the banner of a major Australian group and demonstrates the attractiveness of the Moroccan mining industry to foreign investors,” said Imad Toumi, Chairman and CEO of Managem.
