Casablanca – Morocco has been identified by British mining investment firm Appian Capital Advisory as one of Africa’s most attractive destinations for mining investment, alongside Namibia and Botswana, at a time when international competition for mineral resources and strategic raw materials is intensifying. The assessment comes as the London-based private equity group prepares to deploy between $5 billion and $7 billion globally over the next 12 to 24 months, including approximately $2 billion in Africa.

The investment plans reflect growing interest in the continent’s mineral resources and the opportunities associated with their development. Morocco’s inclusion among Appian’s preferred African destinations highlights the importance of its mining potential, regulatory framework and prospects for attracting international capital.

However, the announced investment programme does not include a specific allocation for Morocco, nor has Appian disclosed any concrete project that it intends to develop in the Kingdom. The country’s inclusion among the fund’s preferred destinations therefore represents an indication of investor interest rather than a confirmed financial commitment.

Appian Capital Advisory specialises in financing and developing mining projects, with investments covering gold, copper, zinc, rare earth elements and other minerals considered important for industrial development and technological supply chains. Its investment approach involves providing capital to mining companies and projects at different stages of development, supporting exploration, construction, expansion and production.

The group’s planned African allocation comes as governments across the continent seek to attract international financing to exploit their mineral resources more extensively. Demand for several metals is increasing as countries invest in electrification, renewable energy, digital infrastructure, electric mobility and industrial technologies. These developments are creating opportunities for mining companies, investment funds and industrial groups seeking to secure access to raw materials.

Appian currently maintains three active investments in Africa, while it has withdrawn from three other projects. Its departures included investments in Burkina Faso following the military coup and Tanzania amid an electoral crisis. The company also has four active investments in Latin America, mainly in Brazil, illustrating how political and regulatory conditions influence the geographical distribution of mining capital.

Morocco, Namibia and Botswana are among the African jurisdictions that Appian considers particularly reliable for mining investment. The fund is also examining potential opportunities in Ghana, Ivory Coast, Mauritania and Senegal, suggesting that its African investment strategy extends beyond a limited number of established mining markets.

The investment outlook also reflects a broader shift in global demand for minerals, particularly copper. The metal is increasingly important to electricity transmission, renewable energy systems, electric vehicles, industrial equipment and digital infrastructure. The expansion of artificial intelligence is adding another source of demand through the construction of data centres, which require substantial electricity supplies, cooling systems and network infrastructure.

Appian expects these trends to support sustained growth in copper consumption, potentially outpacing the expansion of global production. Developing new mines requires considerable capital, geological exploration, infrastructure and lengthy authorisation procedures. Consequently, investors are increasingly examining countries that can offer both commercially viable deposits and conditions suitable for long-term project development.

The same considerations apply to rare earth elements and other critical minerals, whose importance has increased as governments and industrial companies seek to diversify supply chains and reduce dependence on a limited number of producing countries. For investment funds such as Appian, opportunities extend beyond extracting raw materials to financing processing facilities and other activities that can generate additional value further along the mineral supply chain.

Morocco’s position in this context is supported by an established mining sector and a government strategy aimed at broadening the country’s mineral production beyond phosphates. Although phosphate mining remains the dominant component of the national sector, the Kingdom possesses deposits of several other minerals, including cobalt, silver, lead, zinc, copper and manganese. These resources provide opportunities to expand exploration, develop new extraction activities and strengthen the contribution of non-phosphate mining to industrial exports.

The authorities have been working to make the sector more attractive to private investors through changes to the institutional, legal and financial framework. The national mining strategy for 2021–2030 places particular emphasis on developing a more competitive network of mining operators, improving institutional governance, strengthening the sector’s social and environmental responsibilities and adapting financing and fiscal arrangements to support investment.

A major objective of this strategy is to develop non-phosphate mining activities, which have historically received less attention than the country’s large phosphate operations. Expanding this segment could help diversify mineral production, create additional employment opportunities in mining regions and increase the availability of raw materials for domestic industrial activities.

The National Geology Plan for 2021–2030 also seeks to improve knowledge of the country’s geological potential through geological, geophysical and geochemical mapping. Better geological information can reduce exploration uncertainties and help investors identify areas with promising mineral deposits. The development of geoscientific databases and information-sharing platforms is another component intended to improve access to geological information.

Morocco has undertaken several reforms in recent years to modernise its mining regulatory framework and create more favourable conditions for investment. These changes aim to improve the management of mineral resources, encourage private-sector participation and establish clearer operating requirements for mining companies, particularly regarding labour standards and environmental protection. The reforms form part of broader efforts to strengthen governance, simplify investment procedures and provide greater transparency and predictability for companies involved in mineral exploration and extraction.

The economic contribution of mining nevertheless illustrates the scope for further development. According to US Geological Survey estimates, the value of Morocco’s mineral industry output, including mineral fuels, reached approximately $3.4 billion in 2024, compared with $2.4 billion in 2023. The sector accounted for an estimated 2.1% of gross domestic product. Foreign direct investment in energy and mining also increased to $242 million in 2024, from $217 million a year earlier. These figures underline the importance of mineral activities while highlighting the potential for additional investment in exploration, extraction and processing.

Appian’s assessment therefore comes at a time when Morocco is seeking to attract more private capital to develop its mineral resources and strengthen the sector’s industrial dimension. The country’s established infrastructure, existing mining expertise and efforts to modernise its regulatory framework are relevant considerations for international investment funds. However, attracting capital will also depend on the availability of sufficiently advanced projects, transparent licensing procedures, access to geological data and the ability to establish commercially viable operations.

Appian’s recent activities also provide some indication of its capacity to mobilise capital through partnerships with international financial institutions. In 2025, the company established a $1 billion mining investment partnership with the International Finance Corporation, the private-sector arm of the World Bank Group. By early November 2026, approximately 70% of the IFC’s initial $100 million commitment had been deployed in projects in Ghana, Namibia and Brazil, including investments in gold, copper and nickel-related operations. This cooperation illustrates the growing role of institutional financing in supporting mining projects in emerging markets.

Nevertheless, the competition for mining investment is becoming more demanding. African governments increasingly want mining companies to contribute more directly to national economic development through higher royalties, local employment, domestic procurement, skills development and greater participation by national businesses. These objectives can increase the economic benefits of mineral extraction, but they also require regulatory frameworks that provide sufficient clarity for investors to assess costs and expected returns.

Unpredictable changes to mining legislation, taxation and operating conditions can influence investment decisions and encourage companies to consider alternative destinations. Appian’s experience in Burkina Faso and Tanzania illustrates how political instability can affect investment strategies, while its presence in Latin America demonstrates the importance of comparing regulatory and operating conditions across different regions.

For Morocco, the challenge will be to maintain an investment framework that reconciles the interests of international mining companies with national economic priorities. Attracting foreign capital is only one part of the equation. The authorities also need to encourage geological exploration, facilitate the development of viable projects, promote local industrial participation and ensure that mining activities comply with environmental and social requirements.

The development of domestic processing capacity could be particularly important. Rather than relying exclusively on the extraction and export of raw minerals, Morocco could seek to attract investment in mineral treatment, refining and the production of intermediate materials used by manufacturing sectors. Such activities would increase the value generated locally, support industrial integration and potentially create more skilled employment in mining regions.

Appian’s recognition places Morocco within the group of African markets being considered by major international mining investors. However, the approximately $2 billion earmarked for Africa remains a continental investment target, not a commitment to the Kingdom. Whether Morocco can secure a share of this capital will depend on its ability to convert its geological potential and regulatory framework into concrete investment opportunities.

As demand for copper, rare earth elements and other strategic minerals continues to attract international financing, the Kingdom has an opportunity to strengthen its position in global mineral supply chains. The next stage will depend on turning investor confidence into exploration programmes, new mining operations, processing facilities and lasting economic benefits for the country.