Morocco plans to raise revenue from non-phosphate mining to more than MAD15 billion (approximately $1.7 billion at current exchange rates) by 2030 from MAD6.5 billion in 2020 by facilitating investments and tax incentives, according to a report by Canada’s National Post.
The North African country is the world’s largest phosphate exporter, with 72 percent of the global phosphate reserves. State-owned OCP Group last year reported revenue of MAD56.18 billion ($5.93 billion) and fertilizer and phosphoric acid export sales of 11.3 million mt and 1.8 million mt P2O5 respectively (GM March 26, p. 28). The phosphates group also exported 10.3 million mt of phosphate rock last year.
The Moroccan Energy and Mining Ministry said on June 21 in its 2025-2030 mining development report it is also targeting a ten-fold increase in investment in mine prospecting and research to MAD4 billion, according to the report.
The ministry did not say which minerals it would target, but “strategic metals” such as those used in the renewable energy sector are a likely target. Morocco already is a major renewable energy producer but still relies heavily on natural gas imports, which it is keen to reduce.