Updates
Net Profit Attributable to Shareholders Surpassed 20 billion Yuan Mark for First Time
CMOC Group has released its 2025 performance forecast. The company expects to achieve a
net profit attributable to shareholders of the parent company in the range of 20.0 billion to
20.8 billion yuan (RMB, same below) for the full year, representing a year-on-year increase
of 47.80% to 53.71%. After deducting non-recurring gains and losses, the net profit
attributable to shareholders is projected to be between 20.4 billion and 21.2 billion yuan,
marking a year-on-year growth of 55.5% to 61.6%. This signifies the company’s first entry
into the 20-billion-yuan profit bracket, setting record-high annual results for the fifth
consecutive year. The company has achieved high-quality and sustained growth. This
success stems from both the simultaneous increase in volume and price of its primary
products and the systematic enhancement of its internal operational and management
capabilities. In 2025, CMOC comprehensively advanced refined management practices, built
a platform-based organizational structure, and vigorously promoted cost-reduction and
efficiency-improvement measures. The results of these initiatives are gradually being
reflected in the operating performance. During the year, the company’s copper production
reached 741,149 tonnes, an increase of over 90,000 tonnes compared to the previous year.
Calculated against the mid-point of the annual production guidance, the achievement rate
reached 118%. Furthermore, copper output demonstrated a quarter-by-quarter upward
trend, with the fourth-quarter single-quarter production nearing 200,000 tonnes. This
further highlights the improvement in the company’s operational efficiency and the
sustainability of its capacity release. All other products also exceeded planned expectations.
Specifically, cobalt production was 117,549 tonnes, achieving 107% of the target;
molybdenum production was 13,906 tonnes, achieving 103%; tungsten production was
7,114 tonnes, achieving 102%; niobium production was 10,348 tonnes, achieving 103% and
also reaching a historical high; phosphate fertilizer production was 1.21 million tonnes,
achieving 105%. Additionally, the physical trading volume reached 4.774 million tonnes,
achieving 112% of the target.
Acquisition of Brazilian Gold Assets Marks a New Strategic Chapter
In December 2025, CMOC Group acquired four operating gold mines in Brazil from Canada’s
Equinox Gold for USD 1.015 billion, marking a key milestone in the implementation of its
“Copper-Gold Dual-Pillar” strategy. The acquisition is expected to add approximately 8
tonnes of annual gold production to the company’s portfolio, along with significant resource
reserves (gold resources of 5.013 million ounces and reserves of 3.873 million ounces).
Combined with the Kahoos gold mine in Ecuador acquired in April 2025, the company’s
annual gold production is expected to exceed 20 tonnes in the future. This will create a dual
pillar growth engine alongside its core copper business. The strategic value of this
acquisition is significant: First, it elevates the company’s gold business from a by-product to
a core operation, completing the transformation from a “copper-cobalt leader” to a
“copper-gold dual-pillar” enterprise. Second, the assets are located across several states in
northeastern and southeastern Brazil, enabling regional synergies with the company’s
existing niobium and phosphate operations in the country. This will facilitate shared
infrastructure and management resources, deepen its presence in South America, and
optimize operating costs. Third, the transaction was executed at a time when gold prices
were at historic highs, with continued upward momentum, offering substantial profit
potential. The gold business is expected to become one of the key drivers of long-term profit
growth for the company.
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本科主修市場行銷和英語，並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師，主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作，對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.
