CMOC Reports Record First-Half Profit with Significant Gains in Copper and Cobalt Production

CMOC, a global leader in rare metals mining and marketing, announced remarkable financial results for the first half of 2024, achieving a net profit attributable to the parent company of $762 million USD. This represents an extraordinary increase of 670.43% compared to the same period last year, driven by robust production growth, stringent cost management, and significant progress in strategic projects, particularly in the Democratic Republic of the Congo (DRC).

CMOC's revenue soared to $14.47 billion USD, marking an 18.56% increase from the previous year. This surge was largely due to higher global metal prices, especially for copper and cobalt, and the company’s operational optimizations. The company’s EBITDA also saw a substantial rise, jumping 197.83% to $2.25 billion USD.

The company's production performance in the first half of 2024 exceeded expectations across several key metals:

• Copper: 313.8 kt, up 100.74% year-on-year.
• Cobalt: 54,000 tonnes, up 178.22% year-on-year.
• Niobium: 5,082 tonnes, up 8.23% year-on-year.
• Phosphate fertilizer: 583.3 kt, up 6.47% year-on-year.

The significant increases in copper and cobalt output were largely attributed to enhanced production capacities at CMOC’s Tenke Fungurume Mining (TFM) and Kisanfu Mining (KFM) facilities in the DRC, which have been optimized to maintain stable and elevated production levels.

CMOC’s strategic investments have been instrumental in achieving these results. The TFM East facility has reached its full production capacity, with an annual output of 450,000 tonnes of copper and 37,000 tonnes of cobalt. Similarly, KFM continues to operate steadily, with an annual capacity exceeding 150,000 tonnes of copper and 50,000 tonnes of cobalt. The company also secured a stable energy supply through the Nzilo II Hydropower Project agreement, supporting further production expansion.