The Northern Miner October 12 2015 Issue

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Geotech_Earlug_2015_VTEM_Colour3.pdf 1 2015-09-25 9:59:47 AM

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

Short Road to Silver Production/Earning TSX.V: GRG www.goldenarrowresources.com

905 841 5004 | geotech.ca

OCEANIC IRON ORE

Signs MOU with Sinohydro for Hopes Advance / 3

MASON GRAPHITE

TIMMINS GOLD

Tables Lac Guéret feasibility study / 11

Picks up processing plant in Mexico / 16

OCTOBER 12– 18, 2015 / VOL . 101 ISSUE 35 / GLOBAL MINING NEWS · SINCE 1915 / $3 .99 / WWW .NORTHERNMINER .COM

Morocco's OCP aims to dominate phosphate industry SITE VISIT

| Burgeoning fertilizer juggernaut undergoing US$20B expansion

Bullion bulls invest in Kaminak YUKON GOLD

| Canadian junior attracts New York fund By Trish Saywell tsaywell@northernminer.com

A

The terminal station at Jorf Lasfar for OCP’s 187 km slurry pipeline in Morocco, which can move 38 million tons of phosphate per year.

By Matthew Keevil mkeevil@northernminer.com MARRAKESH, MOROCCO

I

t's hard not to be struck by the juxtaposition of tradition and progress when sitting in the back of a worn taxi cab winding its way through the maze-like confines of the medina quarter in the high-profile tourist destination of Marrakesh, Morocco . The sprawling, walled-off section of the city is an anachronistic call to the Berber markets and nomadic trading centres of the past, though it is now populated by European tour buses and flashy sports cars, en route to modern shopping malls and golf resorts . The medina is in many ways a microcosm of Morocco, with its clashes between the old ways and industrialism, the resulting political fallout .

But make no mistake: the big money in the North African nation is in phosphate rock, which is why its state-owned fertilizer entity — Office Chérifien des Phosphates Group (OCP) — hosts a major conference every two years called the International Symposium on Innovation and Technology in the Phosphate Industry, or Symphos . There are a few things that stand out at the conference . First, OCP has a monopoly on the phosphate business in Morocco, so there are virtually no representatives from international fertilizer competitors, junior exploration companies or major financial institutions . Most of the corporate attendees are supply-chain outfits that either have contracts with OCP, or want a relationship . Second, since OCP is not publicly listed, it has no requirement to disclose

much about its business . So discussions about mining operations, financial results and capital projects are scarce . The company’s management is in a way guarded at the event, and seems more willing to talk about technological innovation and sustainable farming than its business unit . “One of the focuses here is on the science of the industry, and the growing demand in Africa,” OCP of research and development director Rachid Boulif said on the floor of the conference . “We have many attendees and speakers from high-level technical committees, and we’re interested in contributions on new fertilizer products, by-product innovations and regional population growths and product demand .” OCP reported revenues over the first half of 2015 totalling US$2 .5 billion, with second-quarter adjusted earnings pegged at US$479 million . The

OCP

company offset a temporary decline in Brazilian imports by almost doubling its sales within Africa . Boulif highlighted that OCP is in the middle of a US$20-billion-plus expansion to double mining output and triple fertilizer production, and increase domestic demand . The company will assemble African producers of raw materials and feedstock, and circumvent the historic presence of Western companies in the value-add chain . Phosphates from Morocco, along with resources from other African countries, could make fertilizers at a “more affordable price for local farmers .” Part of the regional expansion includes a $600-million facility at Jorf Lasfar, which lies an hour drive south of the industrial city of Casablanca .

pooled investment fund associated with billionaire mining magnate Thomas Kaplan — an Oxford-educated historian, who spends much of his spare time trying to save the world’s big cats from extinction — has become the latest investor in Kaminak Gold (TSX: KAM; US-OTC: KMKGF) . Kaplan is a director of Electrum Strategic Opportunities Fund L .P ., one of the investment arms of his privately held Electrum Group, a New York-based global natural resources investment management company . The fund is joining Kaminak’s existing big shareholders, Ross Beaty and Zebra Holdings and Investments S .a .r .l . Luxembourg in a private placement that will give Electrum a 10 .3% stake in the junior mining company . See KAMINAK / 13 PM40069240

See MOROCCO / 2

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