Canadian firm Steadright Critical Minerals has signed a memorandum of understanding (MoU) to acquire the rights to the historic Joundafa polymetallic mine, located in Morocco’s Haouz province in the High Atlas Mountains, Al Arabiya Business reported on October 23.
Under the agreement, the company will obtain up to 100% ownership of the 1,600-hectare project, which holds full mining and environmental licences, for $8mn, in addition to shares and a percentage of net mineral revenues.
The Joundafa Mine, which ceased operations in 1956 following Morocco’s independence, was one of the country’s most significant historic mines. Records show that in 1928 alone, it produced around 2,000 tonnes of ore with notably high grades: 22.13% zinc, 11.31% lead, and considerable silver content, according to Moroccan outlet Al Aamk.
Modern geological studies indicate promising potential, estimating 6.62mn tonnes of resources containing zinc, lead, and copper, along with indications of gold in certain zones. Approximately 1.7mn tonnes of these resources are accessible for immediate extraction through the mine’s existing historic tunnel network, according to Al Arabiya.
Steadright CEO Matt Lewis described the project as “an attractive opportunity for conducting rapid and efficient assessments of the mine’s potential.”
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