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.

Chile's Foreign Ministry said on Thursday that Chile and the US had signed a joint statement to launch consultations on critical minerals and rare earths. The statement also added that the first meeting would be held within the next two weeks. Rare earths are widely used in fields such as EVs, semiconductors, national defense systems, and consumer electronics products. Chile is the world's largest copper producer and the second-largest lithium producer. US Deputy Secretary of State Landau told reporters in Chile: "I believe the US and Chile can do a great deal together to strengthen the supply chains for these minerals." Landau added: "We will explore how to cooperate."

Rio Tinto has suspended operations at its Kennecott copper mine in Utah after a fatal accident involving a contract worker. The mine is one of the most significant copper producers in the United States. The company said operations will remain halted while a full safety investigation is conducted.

Zambia is courting global investors, including from the United States, as it aims to more than triple its copper output to 3 million metric tons by 2031, its mines minister said on Tuesday.Africa’s second-largest copper producer after Democratic Republic of Congo is seen as one of the countries Washington is keen to partner with as the US escalates efforts to loosen China’s grip on materials crucial to advanced manufacturing.

Zambia's mining minister said on Tuesday that the country was actively attracting global investors, including those from the US, with the goal of more than tripling copper production to 3 million mt by 2031.Zambia's copper production last year was 890,346 mt, falling short of the annual production target of 1 million mt. Zambia is Africa's second-largest copper producer, behind only the DRC. Copper is a key material for EVs and renewable energy infrastructure and is critical to the transition to a low-carbon economy.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $12,794.5/mt. After dipping to $12,734/mt in early trading, its center rose throughout the session, touching a high of $12,968.5/mt near the close, and finally settled at $12,919/mt, up 0.39%. Trading volume rose to 31,000 lots, an increase of 6,518 lots from the previous trading day; open interest rose to 303,000 lots, down 5,089 lots from the previous trading day, mainly reflecting bears reducing positions overall. Overnight, the most-traded SHFE copper 2604 contract opened at 100,230 yuan/mt. After bottoming at 100,050 yuan/mt in early trading, its center rose throughout the session, touching a high of 101,250 yuan/mt at the close, and finally settled at 101,160 yuan/mt, up 1.28%. Trading volume fell to 46,000 lots, down 148,000 lots from the previous trading day; open interest fell to 197,000 lots, down 3,094 lots from the previous trading day, mainly reflecting bears reducing positions overall.

Taseko Mines' Florence Copper project in Arizona has successfully produced its first copper cathodes, marking the first new copper production from a greenfield facility in the U.S. since 2008. The project employs a globally pioneering in-situ copper recovery technology and is expected to produce 85 million pounds of LME Grade A copper annually, making it the third-largest copper producer in the country. All copper produced will be supplied to the U.S. domestic market, supporting supply chain security for key sectors such as automotive, semiconductors, and defense.

According to Bloomberg, flooding caused a key bridge south of the Zambian border to collapse, severing the Democratic Republic of Congo’s main copper export corridor to the Kasumbalesa border crossing and disrupting shipments from the world’s second-largest copper producer. The Zambia Revenue Authority said in a notice on Sunday that traffic to and from the Kasumbalesa border post has been affected due to the bridge damage, and transporters are advised to use alternative routes. According to SMM, this corridor handles approximately one-third of the DRC’s copper cathode exports. Currently, outbound shipments from the southern DRC copper-cobalt belt are being rerouted via the Jiayou–Sakania and Mokambo border crossings.

According to foreign media reports, data released by Chile's National Statistics Institute shows that copper production in Chile, the world's largest copper producer, fell 3% year-on-year in January to 413,712 metric tons. The agency stated that the country's manufacturing output also declined by 3.8% during the same month.

Data from the Chilean National Statistics Institute showed that Chile, the world's largest copper producer, saw its copper production fall 3% YoY in January to 413,712 mt. The agency stated that Chile's manufacturing output dropped 3.8% YoY that month.