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CMT Posts 18% Revenue Surge in 2025, Boosted by Higher Volumes and Metal Prices
The Compagnie Minière de Touissit (CMT) announced an 18 % increase in total revenue for 2025, reaching MAD 691 million. The growth was driven by stronger metal prices, higher sales volumes and continued operational efficiency. The company also reported a 70 % drop in net debt, significant capital investments and the certification of the Tighza mine reserves under NI‑43‑101 standards. Despite a December weather‑related port congestion that delayed the accounting of shipments worth MAD 82 million, CMT’s outlook remains positive, highlighted by environmental approval for its Tabaroucht copper project and an ongoing legal appeal against a substantial fine.
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Q4 2025 Performance
In the fourth quarter of 2025, the Compagnie Minière de Touissit (CMT) posted a consolidated turnover of MAD 168 million, up 27 % versus Q4 2024. The rise stems from a combination of higher sales volumes and stronger metal prices. Concentrate production grew 3 % over the quarter, indicating stable operational efficiency.
Full‑Year 2025 Results
The company’s cumulative revenue for 2025 reached MAD 691 million, an 18 % increase compared with 2024. The growth reflects both volume expansion and a more favorable base‑metal and precious‑metal market environment.
Weather‑Induced Shipping Delay
Adverse weather in December 2025 caused congestion at the Port of Casablanca, preventing the accounting of the last shipments of the quarter. The delayed consignments consisted of 3,187 tonnes of concentrates valued at MAD 82 million, which will be recognized in the next reporting period in line with the matching principle.
Capital Investments
CMT continued its development program, investing MAD 14 million in Q4 2025 and reaching a total of MAD 52 million for the year. The Q4 spend includes MAD 14 million dedicated to the drilling of a new well.
Debt Reduction
Net debt fell sharply to MAD 70 million by 31 December 2025, a 70 % reduction from the previous year, reflecting a disciplined financing strategy focused on self‑financing of development projects and operational investments.
Certification of Tighza Mine Reserves
The Tighza deposit’s proven and probable reserves were certified in accordance with NI‑43‑101 by independent firm SGS‑Canada. The certification confirms 7.694 million tonnes of ore with average grades of:
- Lead (Pb): 6.11 %
- Zinc (Zn): 1.11 %
- Silver (Ag): 95 g/t
“This certification marks a critical milestone for CMT, aligning us with international best practices and underscoring the commitment of our team to make CMT a flagship of the Moroccan economy,” said Abdellah Mouttaqi, CEO.
Development Outlook
For the Tabaroucht copper project, CMT obtained environmental impact study approval, clearing a major hurdle toward a feasibility study. By targeting a critical metal for the energy transition, CMT reinforces its sustainable growth strategy while complying with current environmental regulations.
Legal Dispute with the Office of Exchange
CMT is closely monitoring the appeal process following a first‑instance judgment by the Casablanca Criminal Court, which imposed a fine of MAD 2,324,307,274.26 payable to the Customs and Indirect Tax Administration. Ongoing risk assessments address debt recovery and valuation of participations, ensuring asset protection and investment reliability.