The Compagnie minière de Touissit (CMT) opens the ball of profit-warnings by alerting to a decline in its turnover at the end of the first half of 2020, linked to the drop in base metal prices and production. The board also appointed two directors and canceled the distribution of dividends for 2019.
At the end of its Combined General Meeting of shareholders held on Monday June 29, CMT announced on Wednesday July 1 that its turnover would drop by 20% for the first half of 2020.
This decrease is mainly related to the fall in base metal prices and to the drop in production during the 2nd quarter of 2020. Operational results at the end of June will therefore decline year-on-year.
Moreover, at the end of the 1st quarter of 2020, the CMT indicators had already recorded a decrease compared to the same period in 2019, due to the drop in base metal prices.
Dividends for 2019 will not be distributed
“In view of the economic crisis caused by the new Coronavirus, the reference shareholder has proposed, out of prudence, not to distribute dividends and to allocate the entire result for the 2019 financial year to retained earnings”, says know the CMT press release. Thus, the total distributable profit which amounts to 184 MDH will be allocated to retained earnings.
Remember that the board had proposed the distribution of a dividend of DH 60 per share for the 2019 financial year.
Appointment of two directors
As part of this Combined General Meeting, the Board of Directors also appointed Asareh Mansori and Karim Robo as directors, for a period of 6 years, i.e. until December 2025.
Thus, the CMT board of directors is currently composed of:
– Luc Gérard as Chairman and CEO
– Auplata Mining group, represented by Juan Carlos Rodriguez Charry
– German Chaparro, independent director
– Asareh Mansoori and Karim Robo as directors.
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