The EBRD Plans to Invest 243 Million Dirhams in Mining Services in Morocco
The European Bank for Reconstruction and Development (EBRD) is preparing to enhance its support for the Moroccan mining sector by considering the provision of new financing to Procaneq Maroc SA. This initiative aims to support the company’s investments and develop its extraction and transportation services for phosphate on behalf of the OCP Group at the Khouribga and Benguerir sites.
According to information published by the EBRD, the project has reached an advanced stage of evaluation prior to final approval. The proposed funding consists of a loan of 243 million dirhams (approximately 22.6 million euros).
This new funding follows a previous loan granted to the company in July 2024, amounting to 150 million dirhams, aimed at acquiring next-generation mining equipment to enhance operational performance and reduce fuel consumption.
The upcoming financing forms part of a strategy to strengthen Procaneq Maroc’s operational capacities and competitiveness. Approximately 145 million dirhams will be allocated to new investments, including the purchase of modern mining equipment, the acquisition of spare parts, and the construction of a new headquarters that meets the company’s development requirements.
The remaining 98 million dirhams will be used to refinance the loan obtained in 2024, with the goal of optimizing the company’s financial structure, reducing refinancing risks, and ensuring greater financial stability.
The EBRD believes that this investment will contribute to modernizing the mining services sector in Morocco by enabling Procaneq Maroc to renew its fleet of equipment and enhance its technical capabilities, thereby improving operational efficiency in a strategic sector for the national phosphate industry.
The project also includes a significant focus on digital transformation. Several training programs will be deployed to enhance the digital skills of employees and prepare them for the technological advancements in the mining sector.
A subsidiary of the ProCan group, Procaneq Maroc SA has been active in mining services since its inception in 2016. Since 2018, it has been providing services to the OCP Group, particularly in drilling, blasting, stripping, loading, and transporting ore.
According to the EBRD’s estimates, the project is expected to generate nearly 10 million euros in operational savings for the company through the utilization of more efficient equipment, reduced maintenance costs, and decreased reliance on equipment rentals. Four new digital training programs will also be implemented to enhance team skills.
This financing aligns with the EBRD’s strategy for sustainable investments. The project is consistent with the goals of the Paris Agreement on climate change, with a portion of the funds dedicated to green financing. Procaneq Maroc also plans to construct a new headquarters that meets sustainability standards, aiming to achieve at least EDGE certification, highlighting the Moroccan mining sector’s shift toward more efficient and environmentally friendly models.
