Moroccan Mining Firm Seals USD 30 Million Oumejrane Mine Deal
Moroccan mining powerhouse Managem Group has finalized the sale of its Oumejrane mining subsidiary to Purple Hedge Resources Morocco for USD 30 million. The agreement, announced on Wednesday, includes potential additional payments of over USD 2 million, subject to conditions, payable after a 12-month period.
Purple Hedge Resources Morocco, a domestic company fully owned by UAE-based Purple Hedge DWC, brings substantial financial backing to the acquisition. The company's resources include support from a private investor specializing in African markets and funding from a prominent New York-based investment fund known for its focus on energy transition metals and minerals.
The transaction marks a strategic shift for Managem Group, which specifically sought an acquirer capable of both purchasing and advancing the mine's operations. Imad Toumi, Chairman and CEO of Managem, expressed confidence in the buyer's capabilities, particularly regarding their commitment to maintaining crucial operational standards.
"This sale represents a decisive step with a solid buyer who can finance the acquisition and the mine's future growth," Toumi affirmed. He emphasized trust in Purple Hedge DWC and its investors to maintain the operational excellence established under Managem's stewardship.
As part of the agreement, Purple Hedge DWC has made explicit commitments to safeguard the interests of Oumejrane's workforce and ensure continuous mine operations. The deal highlights a significant transaction in Morocco's mining sector, combining substantial financial investment with commitments to operational continuity and workforce protection.
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