Yankuang Energy stated at its 2025 annual results briefing that, according to the feasibility study report prepared by Changsha Engineering & Research Institute Ltd. of Nonferrous Metallurgy, Xinghe Molybdenum (Caosiyao Molybdenum Mine) is located in Xinghe County, Ulanqab City, Inner Mongolia Autonomous Region, and has molybdenum ore resources of 1.04 billion mt, metal content of 1.089 million mt, an average grade of 0.105%, and associated metals including tungsten and zinc. The designed capacity is 16.5 million mt/year of raw ore, and annual molybdenum concentrate production will reach 30,800 mt/year upon reaching full production. In February 2026, it was issued the electronic certificate for a mining license with an annual mining scale of 16.5 million mt, and construction is expected to commence in H2 2026, with a construction period of 1.5-2 years.

[Molybdenum-Iron Steel Tender Information] SMM, April 3: Angang Steel's latest ferromolybdenum tender price was 282,800 yuan/mt (acceptance bill), with a quantity of 210 mt and a delivery date of April 30.

According to market reports, a major Taiwanese stainless steel wire rod manufacturer announced its April price list on March 30, raising 304 series wire rods by approximately $125/mt (NT$4,000). The 316 series saw a steeper increase of $219/mt (NT$7,000), while the 200 and 400 series both rose by $63/mt (NT$2,000). This move aligns with recent price jumps from other leading regional mills. The company attributed the surge to Middle East instability driving up energy and raw material costs, specifically for nickel, chrome, and molybdenum. Furthermore, a weakening New Taiwan Dollar and potential Indonesian export taxes on nickel have intensified inflationary pressures, directly impacting overall production expenses.

According to CMOC’s official WeChat account: On March 27, CMOC released its 2025 annual results report, which showed that the company’s operating revenue reached 206.684 billion yuan, standing firmly above the 200 billion yuan mark for the second consecutive year; net profit attributable to shareholders came in at 20.339 billion yuan, up 50.30% YoY and setting a new record for the fifth consecutive year; net operating cash flow reached the second-highest level in its history at 20.843 billion yuan; and total assets exceeded 200 billion yuan for the first time, reaching 200.932 billion yuan, up 18.03% YoY. In particular, in Q4, the company recorded operating revenue of 61.198 billion yuan, net profit attributable to shareholders of 6.059 billion yuan, and copper production of nearly 200,000 mt, all setting record highs for a single quarter. In 2025, with organisational upgrading as its main focus, the company built a “specialised, internationalised, and younger” team, refined its operations, and, together with rising prices for major products and strong production and sales, pushed its performance to a new peak. Specifically— Operating quality continued to improve. Revenue from the mining segment reached 77.713 billion yuan, accounting for 38% of total operating revenue, with the “mining” share up about 7 percentage points from 2024. Among this, revenue from copper products was 55.096 billion yuan, accounting for 27% of total operating revenue and 71% of mining-segment revenue. Both “copper” share indicators increased by about 7 percentage points YoY. This was attributable to the continued debottlenecking of two world-class copper mines, TFM and KFM, based on their existing six production lines. During the reporting period, the company’s copper production reached 741,100 mt, setting another record high and consolidating its position among the world’s top 10 copper producers. Based on the midpoint of production guidance, the completion rate was 118%, while maintaining double-digit growth of 13.99% YoY. Sales were 730,200 mt, up 5.90% YoY. Together with higher prices, copper revenue increased 31.63% YoY. Production of other products also exceeded expectations: niobium production hit a record high of 10,348 mt, with a completion rate of 103%; phosphate fertiliser production was 1.2135 million mt, with a completion rate of 106%; cobalt production was 117,500 mt, with a completion rate of 107%; molybdenum production was 13,906 mt, with a completion rate of 103%; and tungsten production was 7,114 mt, with a completion rate of 102%. In addition, the company recorded physical trading volume of 4.71 million mt, with a completion rate of 111%; IXM’s gross margin under IFRS was 2.11%, a recent high. The results of “cost reduction and efficiency improvement” became even more evident. Full-year operating costs were 157.229 billion yuan, down 11.56% YoY. In 2025, mining areas worldwide focused on key words such as innovation, technological transformation, and process optimisation, putting the concept of “refined operations” into practice. In Q4, TFM’s overall copper beneficiation and smelting recovery rate, equipment operating rate, and raw ore throughput all exceeded the calendar schedule; KFM established an ore characteristics database and ore blending model, lifting grinding efficiency by more than 30% YoY; at CMOC Brazil’s niobium segment, the recovery rates of two beneficiation plants rose by about 2 percentage points from the previous year, setting record highs; in China, recovery rates at Shangfanggou molybdenum and Sandaozhuang molybdenum and tungsten increased by 3.24 and 2.65, and 3.17 percentage points YoY, respectively, also reaching record highs. Centered on “multiple products, multiple countries, and multiple stages,” the company built a “copper + gold” dual-pole structure in 2025, adding gold resources last year. Together with the greenfield gold mine in Ecuador and four operating gold mines in Brazil, the company will have gold production capacity of 20 mt in South America by 2029. The Ecuador gold mine is expected to start production in 2029, with land acquisition and power supply assurance advancing rapidly; the Brazil gold mines achieved output above target in the first two months, and are expected to produce 6-8 mt of gold this year. Targeting copper production of 800,000-1 million mt in 2028, the company is building Phase II of the KFM project, which is expected to add annual copper capacity of 100,000 mt after coming into operation in 2027; TFM identified resource potential in relevant deposits, and preliminary preparations for Phase III construction are accelerating. In addition, the company completed the issuance of a $1.2 billion one-year zero-coupon convertible bond, broadening financing channels to support the implementation of its strategy. Alongside earnings growth, the company consistently practiced high-standard ESG principles. During the reporting period, ESG governance was further improved and digitalisation advanced; environmental performance led globally: the carbon emission intensity of its copper products was lower than that of 70% of mining companies worldwide, while the shares of renewable energy and water recycling increased further from 2024 to 38% and 89%, respectively; total global economic contribution reached 182.42 billion yuan, and global community investment was 488 million yuan. 2026 is a critical year for the company to fully implement its new development strategy and deepen platform-based operations and refined management. The company will further build a platform-based organisation: with the global supply chain centre as the pioneer, it will enhance synergies and cost competitiveness; relying on the “622” model, supplemented by multinational mine management experience and standardised business processes, it will improve its global control system. Centered on the “copper-gold dual poles,” the company will further transform its resource advantages into capacity and production advantages, while continuing to seek high-quality targets. With the goal of becoming a “globally leading, distinctive world-class mining company,” the company will continue to forge ahead in the mining industry.

[Ferromolybdenum Import and Export Information] SMM, March 20: Customs data showed that China imported 240 mt of ferromolybdenum (physical content) in February 2026, up 5.26% YoY and down 16.38% MoM. From January to February, China's cumulative ferromolybdenum imports totaled 527 mt (physical content), down 57.3% YoY. In February 2026, China exported 317 mt of ferromolybdenum (physical content), up 21.92% YoY and down 43.70% MoM. From January to February, China's cumulative ferromolybdenum exports reached 919 mt (physical content), down 25.62% YoY.

[Molybdenum Concentrate Import and Export Information] SMM News, March 20: In February 2026, China imported 4,572 mt of molybdenum concentrate (physical content), down 13.03% YoY and 1.82% MoM. Cumulative imports of molybdenum concentrate in January-February totaled 9,230 mt (physical content), down 13.88% YoY. In February 2026, China exported 558 mt of molybdenum concentrate (physical content), down 46.01% YoY and up 160.72% MoM. Cumulative exports of molybdenum concentrate in January-February reached 772 mt (physical content), down 46.01% YoY;