Proactive Investors - Critical Mineral Resources PLC (LON:CMRS) reiterated it believes it has made the right choice in choosing Morocco to develop a portfolio focused on battery metals.
“With deposits of copper, manganese, nickel and potentially other clean technology metals and minerals, Morocco has proven well-mineralised geology yet is under-explored.
"Morocco's main trading partner is the European Union, and its modern infrastructure, proximity to Europe and political stability make it an excellent country for CMR to operate in.
"Critically a range of international organisations, including major car manufacturers and battery materials organisations, have recently identified Morocco as a key hub to serve international markets, highlighting the value opportunity for locally sourced battery commodities," said the company, which was formerly called Caerus Mineals.
As part of the plan, CMR recently acquired an 80% controlling interest in Atlantic Research Minerals (ARM) via a cash consideration of US$10,000.
Charles Long, chief executive officer of CMR, commented: "Following our targeted analysis of Morocco as a jurisdiction with all the appropriate resource opportunities and market dynamics, we are pleased with the progress we have made in acquiring top talent and development opportunities through Atlantic Research Minerals.
"We believe the Anzar project has the potential to be extremely valuable for CMR shareholders but look forward to building out our portfolio of development opportunities further. We are in advanced discussions with a number of parties."
Losses for the six months to June were £477,000 (£1.39 million) with cash at the period-end of £248,000.