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CMT’s Q1 Revenue Surges Over 100% on Strong Sales and Favorable Metal Prices
Compagnie Minière de Touissit (CMT) kicked off 2026 with a spectacular jump in commercial performance. In the first quarter the group posted a consolidated turnover of 342 million DH – a 102.4 % rise versus the same period a year earlier – driven by a sharp rise in concentrate sales and a silver price surge. Operationally, treated ore production rose modestly while concentrate output fell slightly due to temporary legal setbacks. The company also stepped up its investment programme, spending 11 million DH in Q1 to reinforce its mining assets and expand capacity for 2027.
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Revenue Boom in Q1 2026
Consolidated turnover: 342 million DH, up 102.4 % YoY.
The surge is mainly attributed to a 40 % increase in concentrate sales (9,523 t vs. 6,792 t in Q1 2025) and a 19 % rise in silver sales (293,335 oz).
Operational Snapshot
Treated ore production reached 86,180 t, a modest 1.5 % rise from the previous year. Concentrate output fell 5 % to 6,380 t, reflecting temporary disruptions from ongoing legal cases.
Metal Price Environment
- Zinc: +14 % YoY to $3,243 per tonne
- Silver: +164 % YoY to $84 per ounce
- Lead: –2 % YoY to $1,931 per tonne
Investment & Financing
Q1 2026 capital commitments rose to 11 million DH (from 9 million DH a year earlier) as CMT continues its development and equipment renewal programme.
Net debt at the end of March stood at 162 million DH, up from 70 million DH in December 2025, driven by higher short‑term borrowing to fund operating cycles. Long‑term debt remained stable at 67 million DH, while cash balances reached 106 million DH.
Strategic Outlook
CMT is advancing a growth strategy focused on expanding its processing plant, exploiting the new Ighrem Aousser well, and increasing capacity by 2027 to boost output at the Tighza mine. Exploration continues around the historic mine, with diversification projects targeting copper, gold, antimony and graphite.
These developments position CMT for sustained revenue growth and stronger market positioning in the Moroccan mining sector.