Steadright Critical Minerals Targets Morocco’s Historic Goundafa Mine for Strategic Metals Revival

Morocco has attracted a new international player in the critical metals sector. Canadian group Steadright Critical Minerals has signed a memorandum of understanding for the potential acquisition of the historic Goundafa mine in the High Atlas Mountains. This project, which aims to revive a polymetallic deposit of copper, lead, zinc, silver, and gold, is part of a global rush for strategic resources needed for the energy transition.

Canadian group Steadright Critical Minerals is turning to Morocco to develop a major mining project. The company announced it has signed a memorandum of understanding with the Société commerciale et minière du sahara (CMS) for the potential acquisition of the historic Goundafa mine, a polymetallic site rich in copper, lead, zinc, silver, and gold. This partnership paves the way for a new phase of investment in the mining sector, at the intersection of global industrial and energy challenges.

Steadright Critical Minerals: A project that revives a mining legend

Located in the province of Al-Haouz, in the heart of the High Atlas, the Goundafa mine is part of Morocco’s mining heritage. According to information cited by Steadright, exploited since 1926 by the Société des Mines de Goundafa (SMG), the mine was for several decades one of the most promising sites in the country. Records indicate that in 1928, approximately 2,000 tons of ore had been extracted, displaying exceptional contents of 22.13% zinc and 11.31% lead.

Abandoned in the 1950s, the mine still retains its galleries, technical buildings, and some of its infrastructure, witnesses to a prosperous industrial past. For Steadright, this historic base represents a strategic asset, that of reviving a site already characterized geologically, in a favorable mining environment and close to existing access routes.

The memorandum of understanding signed with CMS allows Steadright Critical Minerals to acquire up to 100% of the project. The permit, which covers approximately 1,600 hectares, is already in good mining and environmental standing. The agreement provides for a three-month due diligence period, with a non-refundable deposit of $500,000, followed by an $8 million payment and the issuance of 9% of Steadright’s shares, as well as a 1% royalty on net sales.

The objective of Steadright Critical Minerals is to redefine the mineral potential of the deposit through modern drilling campaigns and validate historical data according to international standards.

Promising resources to be confirmed

A technical and financial report dated 2022 mentions conceptual resources estimated at 6.62 million tonnes of ore, with average grades of 2.1% zinc, 1.8% lead and between 1.5% and 2.1% copper. Some areas also contain up to 3.5 grams of gold per tonne.

Initial studies suggest that the deposit could extend well beyond historically exploited areas, including up to 800 meters deep. If these estimates are confirmed, Goundafa could position itself as one of Morocco’s most promising polymetallic deposits, at the intersection of industrial needs and the global energy transition.

This project illustrates Morocco’s growing role in global mining geopolitics. The country boasts a particularly rich subsoil, ranging from phosphates to base minerals such as copper, cobalt, and manganese, and is now attracting international players seeking to secure their supplies.

The regulatory framework, considered stable and attractive, as well as the government’s efforts to modernize the mining code and encourage exploration, are increasing the interest of foreign investors. By establishing itself in Morocco, Steadright Critical Minerals is part of a logic of geographic diversification and sustainable development of strategic metals, essential to the electrification and decarbonization of global industry.

A strategy focused on sustainability and added value

For Steadright Critical Minerals, a specialist in critical metals and polymetallic projects, choosing Morocco marks a decisive step in its international development. The company seeks to combine high mineral potential with a secure geopolitical environment and openness to foreign investment. The company plans to quickly begin mapping, drilling, and sampling to establish an accurate geological model of the deposit.

The objective is to produce, in the medium term, a resource estimate that meets international standards and lay the foundations for an economically viable and environmentally friendly project. Numerous challenges remain: resource validation, infrastructure updates, financing, and environmental compliance. But the equation is promising. If the work confirms the deposit’s potential, Goundafa could become a key link in Steadright’s portfolio and a new example of successful cooperation between Morocco and foreign investors in the mining sector.

While awaiting the first results of the exploration phase, the announcement of this partnership revives interest in a site that is both historic and strategic. Goundafa, dormant for nearly seventy years, could well once again become one of the symbols of Morocco’s mining renaissance in the era of critical metals.

Between industrial memory and strategic ambition

Beyond the technical considerations, Goundafa carries a symbolic dimension, that of a return to life of a mining site that marked the history of the High Atlas. The local populations, long linked to this activity, could benefit from a new economic dynamic through employment, training and the local benefits of the project.

In a context where critical metals are becoming levers of economic sovereignty, Morocco appears to be a natural strategic partner. Steadright Critical Minerals’ interest reinforces this position, while demonstrating renewed confidence in the country’s stability and attractiveness.

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(Featured image by Shane McLendon via Unsplash)

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First published in LES ECO.ma. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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