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.

According to precious metals and refinery services provider Heraeus, the gold price continues to show a consolidation phase. Following record highs at the end of December, the market is currently moving sideways within a clearly defined trading range rather than forming a pronounced upward or downward trend.

According to CMOC's official WeChat: Recently, after CMOC completed the acquisition of the Brazilian gold mine project, four gold mines located in Maranhão, Bahia, and Minas Gerais states immediately entered full operation. In January this year, except for the RDM gold mine which had its crusher maintenance, originally scheduled for February, moved up to January, affecting production, the Aurizona, Santa Luz, and Fazenda gold mines all exceeded their monthly production targets. Previously, to smoothly take over the Brazilian gold mine project, CMOC Brazil promptly initiated preparations, working with the project team to systematically review comprehensive, technical, operational, and financial aspects, advancing work handover, process integration, and system alignment according to a list, while simultaneously conducting cultural promotion and ideological communication for front-line employees. The handover was not simply about "changing the sign." Through the niobium and phosphate sector employees, CMOC Brazil conveyed the company's corporate culture, management philosophy and model, and strategic development vision to the original team, allowing them to familiarize themselves and integrate into the new work environment early, enhancing understanding and trust, and welcoming the new phase with a more positive and composed mindset. This approach of "preparing in advance and stabilizing hearts first" helped the gold mine project employees maintain a stable mindset and normal work pace during the transition period. Their quick recognition of the company's management philosophy naturally followed. After completing the handover, the company's management and technical teams conducted a two-week systematic survey of the four gold mines, thoroughly understanding the current status of each production and operation link. The four gold mines taken over span three major states in Brazil, with the farthest mine being over 2,100 kilometers apart in a straight line, geographically dispersed, with inconvenient transportation and significant climate differences. Facing these objective challenges, the company, through on-site surveys, discussions, and specialized seminars, quickly grasped the frontline demands and critical issues needing urgent resolution. Based on this, five main tasks for 2026 were identified: in production organization, ensuring safe and stable operations at all mines to meet monthly and annual plans, while also preparing for resource succession; in exploration and reserve increase, scientifically and reasonably arranging geological exploration, seizing opportunities to expand and upgrade, providing technical support for extending the service life and expanding the scale of the mines, and systematically exploring greenfield projects to lay the foundation for long-term development; in capital expenditure, systematically planning and prioritizing key projects such as tailings dam safety upgrades; additionally, strengthening financial and asset management to ensure compliant operations; optimizing contract and service procurement management systems, initiating tenders for key projects, and achieving a smooth transition in management processes. Through comprehensive takeover and stable production and operation in January, the Brazilian gold mines have entered a new phase of autonomous operation. In the future, based on the development philosophy of safety, greenness, harmony, and sharing, Brazil's gold mines will continue to optimize management in addressing local challenges, laying a solid foundation for sustainable development.

The Madagascan government recently announced the lifting of a 16-year moratorium on the issuance of new mining permits that has been in place since 2010. The ban was originally imposed to allow a review of the country’s mining governance and legal framework. Mining is a key pillar of Madagascar’s economy, with major export products including nickel, cobalt, graphite, and ilmenite. As of 2023, around 1,650 applications were still awaiting approval. However, due to major discrepancies between officially reported gold production figures and the scale of artisanal gold mining nationwide, as well as insufficient regulatory and monitoring capacity, the government has decided to maintain the moratorium on gold mining.

According to a report by Mining Weekly, citing Reuters, Mali's Minister of Finance revealed that the country would collaborate with Russia's Yadran to construct a state-owned gold refinery. As gold prices rise, this West African nation hopes to secure greater revenue from its resources. Alousseni Sanou, Mali's Minister of Economy and Finance, stated that the government would hold a 62% stake in the enterprise, named SOROMA-SA, with the remaining shares held by Yadran. Sanou disclosed that the gold smelter would be built near Bamako Airport, spanning 5 hectares, and would have an annual gold production capacity of 200 mt, four times the current 50 mt gold production in Mali. Sanou said that Mali's National Transitional Council approved the equity plan on the 12th, and the company would assist miners in complying with the revised mining code. Mali, Africa's second-largest gold producer, has amended its mining code to increase the state's equity in mining companies, raise gold royalties, and mandate domestic processing. This move follows the examples of Burkina Faso, Niger, and Guinea. Mali's Ministry of Mines stated that the country's two gold smelters have not obtained certification from the London Bullion Market Association (LBMA), forcing its miners to process gold overseas. A senior official from the Ministry of Mines, who wished to remain anonymous, said that Yadran would help obtain the certification, as this obstacle has compelled the country's existing smelters to seek overseas markets. A spokesperson for the Ministry of Mines revealed that at month-end, Assimi Goita, the leader of Mali's military government, would attend the groundbreaking ceremony for the smelter.

According to Mining Weekly, data from Statistics South Africa (Stats SA) showed that the country's mining production fell by 7.7% YoY in April, mainly due to declines in platinum group metals and gold production, although the growth in iron ore production partially mitigated the decline. Seasonally adjusted production increased by 0.6% MoM in April, compared to changes of 3.6% and -3.9% in March and February, respectively. Stats SA found that seasonally adjusted mining production decreased by 2.7% QoQ from February to April. The largest negative impact came from platinum group metals, while the largest contribution was from iron ore. Meanwhile, Stats SA also found that the sales value of mineral products increased by 0.7% YoY at current prices in April. The largest contributor was gold, with sales increasing by 57.6%, contributing 9.4 percentage points, followed by manganese ore, with sales increasing by 66.6%, contributing 3.3 percentage points. The largest drag was from platinum group metals, which fell by 20.1%, pulling down the index by 4.7 percentage points, followed by iron ore, which fell by 25.9%, pulling down the index by 3.5 percentage points. Seasonally adjusted sales value of mineral products at current prices increased by 6.7% MoM in April. It increased by 1.6% in March and decreased by 8.6% in February. Seasonally adjusted sales value of mineral products decreased by 8.5% QoQ from February to April.