LONDON – MetalNRG plc (LON:MNRG), a natural resources company, is close to completing the acquisition of Compagnie Minière de l’Oumejrane SA (“CMO”) from Managem SA, with a number of conditions already met. The company has obtained a term paper with a representative of the remaining US$ 5 million of the US$ 30 million pending first consideration, which is related to the US$ 25 million loan provided by Orion Resource Partners.
The Competent Person’s Report (CPR) written by Plus Pty Ltd on the Oumejrane mine, for CMO, describes the current state of operations and future ways to improve production and efficiency. MetalNRG is developing a 100-day post-procurement plan, focusing on ESG initiatives, tailings management, and mining and processing.
The acquisition is subject to regulatory approval in Morocco, the approval of MetalNRG’s shareholders at the general meeting on December 5, 2024, the publication of the presentation containing the CPR, and the approval of the company’s share capital. London Stock Exchange (LON:). MetalNRG is also seeking to raise up to $15 million by placing a formal offer on acceptance.
CEO Christopher Chadwick expressed optimism about the project’s progress and the company’s transformation into Atlas (NYSE:) Metals Group, which intends to have an investment project in Morocco. The success of the acquisition is not guaranteed, and further changes should follow.
This news comes from a MetalNRG press release.
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