CMOC, a global leader in the exploration, mining, and marketing of rare metals, today announced exceptional half-yearly results, with a net profit attributable to the parent company of $762 million USD, marking an astounding increase of 670.43% compared to the previous year. This record performance is driven by sustained production growth, rigorous cost management, and significant advancements in its strategic projects in the Democratic Republic of the Congo (DRC).
Unprecedented Financial Performance
CMOC’s revenue reached $14.47 billion USD, an increase of 18.56% compared to the same period last year. This growth was primarily fueled by rising metal prices in global markets, particularly copper and cobalt, coupled with the optimization of the company’s operations. EBITDA also experienced significant growth, increasing by 197.83% to $2.25 billion USD.
Record Production: DRC assets drive results.
CMOC significantly outperformed its production targets in the first half of 2024:
- Copper: 313.8 kt, up 100.74% YoY.
- Cobalt: 54,000 tonnes, up 178.22% YoY.
- Niobium: 5,082 tonnes, up 8.23% YoY.
- Phosphate fertilizer: 583.3 kt, up 6.47% YoY.
The achievements in copper and cobalt production are the result of optimized production capacities at the TFM and KFM facilities in the DRC, which have been expanded to support a stable and increased output of these essential metals.
Strategic Projects: a sustainable growth engine
CMOC’s investments in strategic projects have played a crucial role in this growth. The TFM East facility has reached full production capacity, with an annual capacity of 450,000 tonnes of copper and 37,000 tonnes of cobalt. KFM has maintained stable production with an annual capacity exceeding 150,000 tonnes of copper and 50,000 tonnes of cobalt. Additionally, the signing of the Nzilo II Hydropower Project agreement ensures a stable and sustainable energy supply to support ongoing production capacity expansion.
CMOC has announced that its results for the first half of 2024 are the outcome of a collective effort and an ambitious corporate strategy. By generating value for stakeholders, creating jobs, and contributing to the economic development of local communities, the company reaffirms its long-term commitment to making a positive and lasting impact. CMOC is dedicated to continuing to intensify its efforts to meet the expectations of its customers, partners, and civil society.
Alongside its financial growth, CMOC remains firmly committed to sustainable development. The company’s TFM site was the first in Africa to receive "The Copper Mark" certification, demonstrating CMOC’s dedication to responsible mining practices. CMOC continues to enhance its sustainability initiatives, maintaining an AA rating in MSCI’s ESG assessments, positioning itself among the top 19% performers in the global non-ferrous metals sector.
About CMOC
CMOC Group Limited was founded in 1969 and is a privately managed company listed on the Hong Kong in 2007 and the Shanghai stock exchanges in 2012. CMOC is an international company specializing in the exploration, mining, processing, refining, marketing, and trading of rare metals. The company's main assets and operations are located in Asia, Africa, South America, and Europe.
The company is one of the world's largest producers of tungsten, molybdenum, and niobium, the largest cobalt producer, and a global leading copper producer. It is also the second-largest producer of phosphate fertilizers in Brazil. In terms of business activities, the company ranks among the top three base metals traders in the world. In line with its dedication to positive environmental and social impact, the company invests heavily in ESG (Environmental, Social, Governance) initiatives, resulting in the creation of over 32,000 jobs.
