Morocco holds approximately 70% of the world’s known phosphate rock reserves, a crucial resource for producing fertilizers and battery materials. This presents the country with a substantial opportunity to significantly boost its wealth and global economic influence.
With over 50 billion tonnes of phosphate rock reserves, Morocco’s resources vastly surpass those of any other nation, including China, which has an estimated 3.2 billion tonnes. Phosphate rock is essential for manufacturing various phosphate compounds used in agriculture and industry.
The major phosphate deposits in Morocco are located in several regions: Khouribga, about 120 km south of Casablanca; the Oued Eddahab-Lagouira region near Boucraâ in the south; and Youssoufia, roughly 80 km southeast of El Jadida. These areas host some of the world’s most productive phosphate mines.
In addition to phosphate rock, Morocco is rich in other valuable minerals such as lead, zinc, silver, barite, fluorite, copper, manganese, antimony and gold. The country is a leading exporter of lead and zinc concentrates and has significant reserves of these and other minerals. It is also a major producer of gypsum and clay for construction and industrial uses.
Morocco ranks as the world’s top exporter of crude phosphate and the fourth largest exporter of fertilizers globally. In 2021, Morocco was 19th worldwide for silver, seventh for fluorite, third for barite, and 11th for cobalt. Phosphate rock is processed into phosphoric acid and various phosphate salts, which are vital for plant growth and agricultural productivity. The state-owned Office Chérifien des Phosphates (OCP) is a major player in the global fertilizer market, particularly in Africa, where it supplied 54% of all fertilizers in 2020.
With OCP investing $10 billion in fertilizer production, Morocco’s output reached 12 million metric tonnes of fertilizers in 2023. The estimated value of Morocco’s phosphate reserves is up to $15 trillion, highlighting their importance to global agriculture.
Phosphate rock is also used to produce lithium iron phosphate (LiFePO₄), a key component in lithium-ion batteries for electric vehicles (EVs) and energy storage systems. This dual significance underscores Morocco’s potential impact on both the agriculture and EV industries.
China led global phosphate rock production in 2023 with 90 million tonnes, while Morocco, with 35 million tonnes, was the second-largest producer. Morocco’s larger reserves compared to China present a significant opportunity to enhance its role in the global phosphate supply chain, especially with growing demand for battery materials.
The IMF estimates that Morocco’s economy grew by 3% in 2023 and projects a growth of 3.1% in 2024 and 3.3% in 2025. The country’s economy is expected to reach $152 billion in 2024, with a population of 37.3 million and a per capita income of $4,077. Inflation stands at 2.1%, and the government’s gross debt-to-GDP ratio is 70% in 2024.
Rabat, the capital, is located along the Bouregreg river and the Atlantic Ocean, while Casablanca, the largest city, has a metro population of 4.2 million.
King Mohammed VI has ruled Morocco since July 1999, and Prime Minister Aziz Akhannouch has been in office since October 2021.
Morocco’s mining sector, dominated by phosphates, constitutes 10% of the GDP and about 20% of the country’s exports. However, in 2023, Morocco experienced a 34% decrease in phosphate and fertilizer exports to MAD 76 billion ($7.6 billion), largely due to falling international fertilizer prices.
Investment in the mining sector increased to $950 million in 2022. The sector plays a critical role in the country’s sea and rail freight operations.
On the Fraser Institute’s Investment Attractiveness Index 2023, Morocco was ranked second in Africa, behind Botswana, and 27th out of 86 global jurisdictions.
Morocco’s strategic location on the Atlantic and Mediterranean coasts supports its potential. The Tanger Med Port, Africa’s largest and fourth globally in operational efficiency, enhances Morocco’s ability to capitalize on its phosphate resources for the fertilizer and battery markets.
In the Western Sahara region, the Bou Craa Mine, operated by OCP, is one of the world’s largest phosphate mining operations. Located in the disputed territory, the mine’s operations are controversial due to the political conflict over Western Sahara’s status, complicating mining activities and drawing international scrutiny.
The Moroccan government aims to leverage its natural resources and strategic location to boost its manufacturing sector, aspiring to become a key player in global battery minerals production. Morocco, the world’s ninth-largest cobalt producer, is also developing its cobalt reserves to support the rechargeable battery supply chain.
In March 2024, Morocco launched its first industrial zone for EV battery production, the Jorf Industrial Accelerator Zone. With initial investments of $2.3 billion, this 283-hectare zone, located 100 km south of Casablanca, is expected to create 4,000 jobs and attract investments from companies like CNGR and Al Mada.
Mining deals are ongoing. In July 2024, UK-based Critical Mineral Resources (CMR) secured an exclusive option to acquire the Igli project, a high-grade silver and copper venture in Morocco’s Anti-Atlas region. Canadian company Genius Metals also entered an agreement to acquire a 100% interest in the BMR copper-gold prospect project.
Morocco’s judicial system, influenced by French legal traditions, oversees mining through the Ministry of Energy, Mines, and Sustainable Development (MEMDD) and the National Office of Hydrocarbons and Mines (ONHYM). Recent mining legislation, including Mining Law 33-13 and its 2016 Decree, aims to modernize the sector, enhance transparency, and improve environmental and social governance.
The Morocco Mining Plan 2021-2030 introduced further reforms to modernize the sector, improve efficiency, and align with development ambitions. It focuses on strengthening ONHYM, developing geological expertise, supporting small businesses, and transforming mineral resources into high-value products.
Challenges facing Moroccan mining include environmental impact, water scarcity, infrastructure needs, geological conditions, and energy supply. Despite these issues, Morocco’s extensive phosphate reserves, strategic location, and investment in renewable energy position it to become a leading player in green technology and fertilizer markets with a forward-thinking strategy and government support.
