CMOC today announced its results for the first half of 2025, reporting revenue of USD 13.21 billion and net profit attributable to shareholders of USD 1.21 billion, up 60.07% year-on-year and the highest first-half earnings in the company’s history. Operating cash flow reached USD 1.67 billion, while the debt-to-asset ratio declined to 50.15%, reflecting stronger cash generation and a more resilient balance sheet.
Strong Operational Performance Anchored by Copper
Mining revenue rose to USD 5.49 billion, accounting for 42% of total revenue and setting a new record. Copper remained the primary growth driver, supported by world-class operations at TFM and KFM in the Democratic Republic of Congo. Copper production reached 353,570 tonnes, with copper revenue totaling USD 3.59 billion, representing 65% of mining sales and also marking a record high.
Cobalt also delivered solid performance, with production of 61,073 tonnes. Other commodities performed above guidance:
- Molybdenum: 6,989 tonnes
- Tungsten: 3,948 tonnes
- Niobium: 5,231 tonnes, a multi-year high
- Phosphate Fertilizer: 582,621 tonnes
The company’s trading arm, IXM, continued to optimize portfolio quality and volume, delivering record operating efficiency.
Cost Discipline and Efficiency Gains
Operating costs fell 10.96% year-on-year, reflecting CMOC’s continued focus on efficiency.
- In Africa, processing improvements and digital innovation enhanced productivity.
- In China, reagent optimization improved recovery rates for molybdenum and tungsten while lowering costs.
- In Brazil, reduced procurement and logistics expenses supported performance, with recovery rates at the BVFR and BV plants reaching historic highs.
Strategic Expansion and Sustainable Growth
CMOC strengthened its organizational foundation, fostering a globally minded and professional leadership team, while embedding stronger governance and cost discipline across its operations.
The company advanced its growth strategy with the acquisition of Odin Mining (Cangrejos Gold Project) in Ecuador — one of the world’s largest undeveloped gold assets — which is now being fast-tracked toward production before 2029.
In the Democratic Republic of Congo, expansion projects are progressing with the goal of reaching 800,000–1,000,000 tonnes of annual copper capacity. Construction of the 200 MW Heshima Hydropower project is also moving forward, providing long-term, reliable and sustainable power to support growth in the region.
CMOC also maintained its MSCI ESG rating at ‘AA,’ advancing from the top 13% to the top 11% globally in the non-ferrous metals industry. This recognition reflects the company’s ongoing commitment to sustainable development, responsible operations, and delivering long-term value to all stakeholders.
