In 2025, the total overseas revenue of A-share domestic listed companies will reach 12.15 trillion yuan, and China Molybdenum’s overseas revenue will account for 92.5%. In the first quarter of 2026, the net profit attributable to the parent company will be 7.76 billion yuan, and the profit scale will set a new historical record.
China Molybdenum has grown from a local molybdenum mining company into a global mining giant.
CMOC is the world’s largest manufacturer of molybdenum products, ranking first in the world in terms of molybdenum resource reserves and annual mining volume.
Molybdenum metal is mainly used in steel smelting, high-end equipment manufacturing and other fields. The demand for molybdenum in global industrial production has continued to grow steadily.
At the same time, it is also the world’s largest cobalt producer, with cobalt resource reserves reaching 5.6 million tons, accounting for 23% of the world’s total reserves.
Cobalt is the core raw material for new energy vehicle batteries and energy storage equipment. The expansion of the global new energy industry directly drives the demand for cobalt to continue to rise.
In the first quarter of 2026, China Molybdenum achieved operating income of 66.403 billion yuan, a year-on-year increase of 44.34%, net profit attributable to the parent company of 7.76 billion yuan, a year-on-year increase of 96.65%, and net cash flow from operating activities of 11.329 billion yuan, a year-on-year increase of 762.3%.
Its business covers Asia, Africa, South America, Oceania and other global mineral-rich regions. It has more than 20 mining production bases in 12 countries. Overseas assets and revenue contribution exceed 90%, and it relies entirely on the global market to achieve profitability.
The company controls two world-class copper and cobalt mines, TFM and KFM, in the Democratic Republic of the Congo.
TFM has 30.1394 million tons of copper resources and 3.3132 million tons of cobalt resources. The KFM cobalt grade is as high as 0.85%, making it one of the highest grade copper and cobalt mines in the world.
The mining cost of copper and cobalt mines in the Democratic Republic of the Congo is far lower than the industry average. The cash cost of copper is US$1.3/lb and the cash cost of cobalt is US$15/lb, which is more than 30% lower than the industry average cost. It can still maintain stable profits when market prices fluctuate.
CMOC has mastered the multi-metal collaborative mining technology, with an ore dressing recovery rate of 92%, higher than the industry average of 85%. The utilization efficiency of mineral resources is higher, and the same amount of ore can produce more metal products, increasing overall profit margins.
Its hydrometallurgical technology is at the top level in the world, with a cobalt metal purification recovery rate of 95%. It can efficiently separate and extract cobalt metal from low-grade ores, meeting the raw material purity requirements for global high-end battery production.
The domestic Luanchuan mining area has built a 5G smart mining system. Unmanned mining equipment and digital management and control platforms have reduced mining costs by 15%. The production safety factor and operating efficiency have been simultaneously improved, and mine operating costs have continued to decline.
China Molybdenum’s copper resource reserves are 42.9 million tons, ranking fourth in the world. In the first quarter of 2026, its copper output was 187,880 tons, a year-on-year increase of 10.15%. Copper products are used in many fields such as power transmission, electronic manufacturing, and new energy infrastructure.
Tungsten resource reserves are 1.3 million tons, ranking first in the world, and niobium resource reserves are 720,000 tons, ranking second in the world. Niobium products are used in the production of special steels and aerospace materials, and the global demand for high-end manufacturing is stable.
In January 2026, the delivery of four gold mines in Brazil was completed. In the first quarter, the gold output was 43,027 ounces, and the revenue was 1.202 billion yuan. The copper and gold business accounted for 70% of the mine revenue, forming a profit pattern driven by both copper and gold.
The company owns IXM, the world’s third largest metal trading platform, with a trading network covering more than 80 countries, realizing integrated operations of mining, metal smelting, and global sales, reducing intermediate links and increasing product sales profits.
Overseas mines all adopt a localized operation model, with local employees accounting for 85%. They adapt to local national policies, regulations and production standards to avoid production stagnation caused by geological risks and ensure continued output.
Green power projects have been deployed in the Democratic Republic of the Congo, Brazil and other places. After the hydropower and photovoltaic power stations were put into operation, the electricity cost dropped to less than 0.2 yuan/kWh, and the annual electricity cost savings exceeded 500 million yuan, further reducing production and operation costs.
Molybdenum metal purification technology can produce 99.99% high-purity molybdenum products. The products are used in high-precision scenarios such as aircraft engines and nuclear industry equipment. The added value of the products far exceeds ordinary molybdenum products, and the profitability level is greatly improved.
Copper and cobalt mines adopt an open-pit mining model, with mining efficiency more than three times higher than that of underground mines. Mine capacity utilization remains above 95%. Large-scale production continues to dilute unit costs, and profitability stability continues to increase.
In 2025, the company’s mining revenue will be 77.713 billion yuan, with a gross profit margin of more than 40%, which is more than 15 times the gross profit margin of the general trading business. The high-margin mining business has become the core support for the company’s profitability.
TFM copper and cobalt mine has five modern production lines, with an annual copper production capacity of more than 450,000 tons and a cobalt production capacity of 37,000-38,000 tons. It is the top five copper mines and the second largest cobalt mine in the world, and its production capacity is firmly at the forefront of the industry.
The investment in the second phase of the KFM copper and cobalt mine project is US$1.084 billion. After it is put into operation in 2027, its cobalt production capacity will be further increased, continuing to consolidate its position as the world’s largest cobalt producer and locking in long-term raw material supply advantages.
Luoyang Molybdenum’s mineral resources have a sustainable mining life of more than 30 years. Copper, cobalt, molybdenum, tungsten, and gold are all non-renewable and scarce resources. The resource reserves form a resource barrier that is difficult to replicate and new entrants in the industry cannot catch up.
The global annual sales of new energy vehicles continue to grow, the scale of energy storage power station construction is rapidly expanding, and the demand for new energy metals such as copper, cobalt, and nickel is rising year by year, and China Molybdenum’s resource reserves directly bear global incremental demand.
The company’s molybdenum products are exported to dozens of countries around the world, occupying a leading share in the global molybdenum market. Tungsten and niobium products also occupy important global market positions, and multiple categories of metals have a stable global customer base.
In 2025, the total overseas revenue of the top 10 A-share companies will exceed 2.5 trillion yuan. As one of the companies with the highest proportion of overseas revenue, China Molybdenum has entered the first echelon of A-share globalization.
Brazilian niobium phosphate rock has a significant cost advantage. The gross profit margin of phosphorus products reaches 60%. Niobium products rank among the top three manufacturers in the world. The phosphate fertilizer business ranks second in Brazil. The business has outstanding anti-cyclical capabilities.
Multi-category metal products form a risk hedging mechanism. When the price of a single metal fluctuates, other categories can balance the profit level, avoid large profit fluctuations caused by reliance on a single product, and improve operational stability.
The global logistics and distribution system is complete, with full closed-loop transportation from mines to processing bases to consumer markets, shortening transportation cycles, reducing logistics losses, and improving product delivery efficiency and market competitiveness.
The environmental protection technology of mining meets the ecological standards of various countries around the world. Wastewater, waste gas, and waste residue treatment meet discharge standards. There is no risk of production suspension caused by environmental violations. Overseas mines continue to operate stably.
The company’s full-year net profit in 2025 will be 24.027 billion yuan. The profit in the first quarter of 2026 will be close to 40% of the full-year profit in 2025. The profit growth rate continues to accelerate, and the global business synergy is fully released.
Indonesia is deploying nickel and cobalt resource projects. Nickel metal is the core raw material of ternary lithium batteries. Bolivia is deploying salt lake lithium resources to further improve the layout of new energy metal resources in all categories.
The annual turnover of the metal trading business reaches 12 times, which can quickly withdraw funds and improve the overall capital utilization efficiency. At the same time, it can obtain global market information to assist mine production and pricing decisions.
The upgrading of global industrial manufacturing and the popularization of new energy industries have brought long-term resource demands. China Molybdenum will continue to maintain stable profitability and global industry status by leveraging its control of scarce resources, technical barriers, and cost advantages.
