The FINANCIAL — The European Bank for Reconstruction and Development (EBRD) is providing a €28 million loan to Compagnie Minière de Touissit (CMT), a Moroccan mining company listed on the Casablanca Stock Exchange, to upgrade the Tighza mine in the north-east of Morocco.
The EBRD funds will support the construction of a new shaft at the mine’s Ighraem Aoussar site to increase productivity. It will also improve working conditions in line with international best practice regarding health and safety regulations, as well as environmental protection.
The loan will also be used for capital expenditures, including investments in resource efficiency in existing mining operations leading to higher levels of energy efficiency and water recycling, according to EBRD.
Eric Rasmussen, EBRD Director for Natural Resources, said: “We are delighted to become part of CMT’s ambitious investment programme which will not only help increase its productivity but also improve significantly working conditions and foster local skills transfer. We are confident that this will constitute the beginning of a fruitful collaboration between EBRD and CMT.”
Jean Francois Fourt, CEO of CMT, added: “CMT, as a leader in the mining sector and a well-respected company, is opening a new chapter in its development. With the guidance and support of the EBRD, our company will become an internationally recognised example of excellence and a reference point for environmental and social responsibility in line with world standards. The new shaft will also be a major feat of engineering as one of the deepest ever built in north Africa.”
Morocco became an EBRD country of operations in 2012 and to date the Bank has committed over €1 billion in 30 projects across the country in various sectors of the economy, including trade facilitation credit lines with local banks.