A major change is coming to the ownership of Compagnie Minière de Touissit (CMT), one of Morocco’s oldest mining companies. The Competition Council has approved a deal that will give UAE-based Ayrad Group and pension fund CIMR joint control of the listed company. Ayrad Group will hold 37.04% of CMT. CIMR will raise its stake from 14.41% to 16.12%. Together, they will own 53.16% of the company.
The Competition Council approved the deal on 13 July 2026. The decision allows the transaction to take effect.
The council first published details of the deal on 7 May. The transaction involves joint control of CMT, which produces lead and zinc concentrates as well as silver.
The deal follows Ayrad Group’s purchase of the OSEAD Fund’s entire stake in CMT for $130m in March. The purchase gave Ayrad an indirect 37.04% stake in the mining company and helped settle several legal disputes.
CIMR’s move also gives the pension fund a bigger role in CMT’s decisions.
Pension funds invest money collected for future retirement payments. They usually look for investments that can provide income over many years.
CMT produces lead, zinc, silver and copper from its mining operations in the Tighza area of central Morocco. The company can process about 300,000 tonnes of ore a year.
CMT also produces more than half of the country’s lead concentrate, according to the information provided.
The new ownership structure could give CMT a more stable group of major shareholders. Ayrad brings an industrial investor, while CIMR brings a large institutional investor.
The partners still need approval from the Moroccan Capital Market Authority (AMMC) before launching a mandatory takeover offer for the shares they do not already own.
The public currently holds 46.84% of CMT after the new ownership structure.
CMT is also working on the Tabaroucht copper project and looking for new gold and polymetallic exploration opportunities in southern Morocco.
The AMMC’s decision will determine the next step for the planned takeover offer.
