Morocco has secured a commendable 15th position among 68 countries in the Fraser Institute's annual mining attractiveness ranking, reinforcing its status as one of Africa's most promising destinations for investment. Despite this impressive ranking, industry operators have highlighted ongoing vulnerabilities, particularly in geological data, regulatory frameworks, and administrative efficiency, which continue to hinder the full realization of the sector's potential.
The Fraser Institute, a Canadian think tank, conducted a comprehensive survey from August 5 to November 26, 2025, involving a panel of decision-makers and experts, more than 46% of whom are presidents or vice-presidents of mining companies with exploration expenditures amounting to approximately $4.2 billion in 2025. The report revealed that surveyed mining operators in Morocco expressed growing concern regarding the country’s geological databases, mining legislation, and the efficiency of mining administration.
While Morocco's ranking positions it favorably on both international and regional stages, the perceptions of mining operators serve as a critical indicator that should not be overlooked. Ignoring these sentiments could render the nation less attractive for foreign mining investment, especially given that Morocco’s subsoil remains underexplored and may hold untapped riches. Our analysis dives into the three primary concerns raised by operators surveyed by the Fraser Institute, indicating that only a determined political will is necessary to enhance the sector's attractiveness.
Understanding Fraser's Methodology
It is essential to note that the 68 countries included in this ranking were evaluated based on input from a minimum of five survey participants, a crucial criterion for inclusion. Morocco's consistent presence in all editions of the ranking since 2021 underscores the strong interest shown by operators. The overall investment attractiveness index is derived from the combination of two independently assessed indicators to eliminate any bias:
- Mineral Potential Index (Geological Attractiveness): Morocco ranks 9th out of 41 countries.
- Policy Perception Index: This measures opinions on government encouragement for mining investment, with Morocco placed 25th out of the 68 jurisdictions assessed.
In discussions with Médias24, Julio Mejía, the evaluation reporter, outlined the three primary barriers affecting mining investment in Morocco:
- Geological Database: This criterion encompasses the quality and scale of maps, as well as ease of access to geological information, with 60% of respondents identifying it as a concern.
- Mining Law: Investors assess whether judicial procedures are fair, transparent, swift, and efficiently administered, with 50% of respondents indicating it is not an attractive factor for investment.
- Mining Administration: The administration, interpretation, and implementation of current regulations represent the third obstacle, with 43% of respondents stating this factor deters investment choices in Morocco.
Conversely, the survey highlighted several strengths that enhance Morocco's appeal as a mining investment destination:
- Strong Mining Potential: Coupled with a regulatory environment meeting international standards, competitive taxation, and a stable political climate, 60% of respondents view the country's mining potential as highly attractive.
- Infrastructure Quality: This includes access to road networks, ports, logistics platforms, and electricity availability, with 60% of respondents considering infrastructure quality a motivating factor.
- Security: The security climate in Morocco is perceived as a significant asset for investment by 60% of respondents.
Addressing Geological and Mining Data Accessibility in Morocco
The promotion of investment in the mining sector fundamentally relies on the quality and accessibility of geological information. This responsibility primarily falls on the supervisory ministry, which must disseminate relevant, updated, and insightful data for potential investors, enabling them to identify opportunities and target high-potential mining analogs. The ministry's website provides free access to nine publications that illuminate the mining geology of each Moroccan region, authored by esteemed Moroccan and French researchers, and structured as geological circuits. Published in 2011, these documents form part of the "Notes and Memoirs of the Geological Service of Morocco" collection.
In addition to these nine volumes, this collection serves as a detailed database and historical archive of geological work conducted since 1927, covering both mining and geological themes. The cartographic aspect offers a dynamic catalog of available maps, along with acquisition prices, also documented in French. While the geological map at a scale of 1/1,000,000 covers the entire national territory, finer scales see significantly reduced coverage: approximately 50% for the 1/100,000 scale (which can increase to 70% when combined with 1/200,000 scale maps) and only 19% for the 1/50,000 scale, largely due to the lack of data updates from the ministry.
This modest coverage at high resolution arises from the nature of geological mapping, representing the result of substantial multidisciplinary geological investments. For instance, producing a single 1/50,000 map can require a budget ranging from 1 to 2 million dirhams or more, depending on the complexity and accessibility of the studied region. While the scientific quality of the produced data is unquestionable, several investment barriers remain.
Although the French language is relevant in certain contexts, it does not maximize the attraction of foreign investors. Translating or providing information in English, the universal language of business and investment, would make Morocco's geological data more accessible, thereby facilitating project efficiency. Additionally, a lack of overall updates on platforms and an error message on the English version of the Energy Transition Department’s website reveal communication gaps that need addressing.
In contrast to the supervisory ministry, the ONHYM effectively fulfills its promotional mission by providing clear, accessible data in English, although its scope is understandably limited to its own project portfolio. Basic adjustments by the ministry could rectify this communication deficit, especially given the investment opportunities Morocco presents compared to other destinations, such as access to green energy, incentivizing taxation, and strategic logistical infrastructures.
In conclusion, while Morocco excels in its mining investment attractiveness ranking, ongoing challenges—particularly concerning geological data accessibility and regulatory reform—must be addressed to fully unlock the sector’s potential. The anticipated reform of mining law 33-13, aimed at introducing innovative, strategic, and responsible measures, remains awaited. As the current parliamentary session represents a final opportunity to advance this reform, stakeholders must prioritize these initiatives to ensure Morocco continues to grow as a competitive mining investment destination.
As reported by medias24.com.
