CMOC Group Limited (CMOC) has announced on March 21st full‑year 2024 results, marking a new chapter of industry leadership with record highs in revenue, profitability, production and sustainability performance.
Key financial highlights
CMOC delivered a standout financial performance in 2024, with net profit attributable to the parent climbing 64.03% year‑on‑year (YoY) to US$ 1.90 billion, underpinned by a 14.37% YoY rise in revenue to US$ 29.85 billion. The core mining operations generated exceptional cash returns, driving operating cash flow up 108.38% YoY to US$ 4.54 billion. At the same time, IXM — CMOC’s commodity trading arm — recorded a 48% YoY increase in net profit, reaching US$ 189.6 million.
Operational achievements: Top‑10 global copper producer
In 2024, CMOC set new production records across its diversified portfolio. Copper output surged 55% YoY to 650,161 tonnes, propelling the company into the world’s top ten copper producers and delivering the strongest global copper production growth of the year. Cobalt production increased 106% YoY to 114,165 tonnes, while niobium output increased 5% YoY to 10,024 tonnes. Other key products also recorded year-on-year gains: phosphate fertilizer production totaled 1.18 million tonnes, tungsten output rose to 8,288 tonnes, and molybdenum production climbed to 15,396 tonnes.
In addition to these production milestones, the TFM mixed ore project successfully met all production and quality targets on schedule, with significant deep-level exploration milestones achieved at both the TFM and KFM sites. Complementing these operational achievements, CMOC has signed and is advancing the 200 MW Heshima hydropower project in the Democratic Republic of the Congo, reinforcing local infrastructure and bolstering energy security.
Driving ESG impact
CMOC deepened its commitment to sustainable value creation in 2024, maintaining an MSCI ESG AA rating ¹ — placing it in the top 13% of global non‑ferrous metals companies — and earning its inaugural inclusion in the FTSE4Good Index ² . The company’s copper carbon‑emission intensity remains below that of 70% of industry peers, and for the first time CMOC disclosed its Scope 3 emissions, demonstrating unprecedented transparency. Beyond environmental performance, in 2024, CMOC added US$ 26.77 billion in value to the global economy and invested US$ 40.92 million in community development programs, reinforcing its role as a responsible corporate citizen committed to positive social impact.
2024 was a landmark year for CMOC, delivering record financial and operational performance while reinforcing the strength of its diversified portfolio. Looking forward the company remains focused on advancing its growth initiatives, deepening ESG commitments, and creating lasting value for stakeholders and communities.
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.
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¹ Disclaimer: THE USE BY CMOC OF ANY DATA OF MSCI ESG RESEARCH LLC OR ITS AFFILIATES ("MSCI"), AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS, OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF CMOC BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED 'AS-IS' AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI.
² FTSE4Good Index is a series of ethical investment stock market indices designed to measure the performance of companies demonstrating specific Environmental, Social and Governance (ESG) practices.
