Morocco’s Touissit Mining Company banks on copper and gold for recovery
Morocco’s Compagnie Minière de Touissit (CMT) appears to be stabilizing after a turbulent 2024 marked by legal disputes and exceptional financial losses, with analysts projecting a potential recovery driven by new deposits and strategic refocusing on critical metals.
BMCE Capital Global Research forecasts encouraging prospects for 2025, with revenues expected to rise 4.1% to 610 million dirhams, improved margins, and a return to profitability with projected net earnings of 169 million dirhams.
Trading at 1,821 dirhams on May 23, 2025, CMT shares have gained 19.4% year-over-year, though remaining below their 12-month high of 1,999 dirhams. With market capitalization at 3.06 billion dirhams and volatility at 38.1%, the stock remains speculative. BKGR maintains a “Hold” recommendation with a target price of 2,108 dirhams, suggesting 15.8% upside potential.
Leadership changes mark the company’s restructuring efforts. Hassan Boulaknadal assumed the board chairmanship in early 2025, while renowned geologist Abdellah Mouttaqi took over as CEO. Their mandate includes restoring investor confidence and resolving outstanding legal issues.
Two customs administration seizures totaling 3.1 billion dirhams and disputes with the Foreign Exchange Office continue weighing on the company’s legal and financial climate. Additional tax and social security audits could further compound operational risks.
Despite challenges, CMT leverages geological and industrial growth drivers. Production from the Ighrem Aousser shaft, scheduled for first-half 2025, represents a turning point. With estimated resources exceeding 6 million tonnes, this deposit could significantly boost lead, zinc, and silver concentrate production.
Accelerated development of Tighza gold and Tabaroucht copper projects confirms diversification toward critical metals essential for global industrial chains. Recent exploration permit acquisitions in strategic zones strengthen the company’s national positioning amid rising Chinese copper demand and geopolitical tensions around raw materials.