A major Moroccan mining company is changing hands after a $130m deal that clears old legal problems and sets up a possible full takeover. Ayrad Group Limited completed the purchase of OSEAD Fund on 22 April. This gives the group full control of OSEAD Maroc Mining, the biggest shareholder in Compagnie Minière de Touissit (CMT).
Through the deal, Ayrad now owns an indirect 37.04% stake in CMT, equal to 622,690 shares. The purchase crossed several legal ownership thresholds at 5%, 10%, 20% and 33.33%. The company says it will stop buying more shares for six months, aim to secure seats on the board and work towards full control.
Old disputes cleared before the deal
The takeover followed the settlement of several long-running disputes that had weighed on the company.
Morocco’s Exchange Office dropped legal action that had led to a fine of 2.32bn dirhams, about $230m. This removes a major financial risk from CMT.
A long-running loan dispute between OSEAD Maroc Mining and CMT dating back to 2012 has been resolved. CMT received a $35m repayment.
A separate dispute with Shaba Metals LLC over 2024 supply contracts has also been settled, with a $12m payment to CMT.
Joint control could lead to takeover bid
Ayrad plans to work with CIMR, which owns 16.12% of CMT, to formalise joint control. This step is likely to trigger a mandatory public takeover bid for the remaining shares, pending approval from Morocco’s Competition Council.
The deal comes as Morocco pushes to modernise its mining industry. The country now ranks 15th in the Fraser Institute’s Investment Attractiveness Index after introducing digital systems and faster licensing.
National silver production is expected to reach 330 tonnes. Demand for lead and zinc remains strong due to battery production.
CMT shares rose 2.04% after the news, trading at 5,000 dirhams. The deal signals confidence in Morocco’s mining sector as global prices for copper, lead and zinc remain supported by the energy transition.
