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.

This week, the tungsten market showed a divergent trend with mild corrections in domestic prices and a contrarian rise in overseas APT prices. Domestic tungsten concentrate and midstream product prices remained relatively firm, while scrap tungsten prices dropped sharply as profit-taking emerged. Supported by a tight supply-demand balance, overseas markets strengthened, further widening the price gap between domestic and international markets.

[SMM News Flash] According to reports, Changyuan Donggu is planning to acquire 100% equity of Xiangyang Kanghao Electromechanical Engineering Co., Ltd., held by Hubei Xinyuan Power Technology Group Co., Ltd., through a combination of share issuance and pay in cash, while also raising supporting funds. Upon completion of this transaction, the company will directly hold 100% equity of the target company.

Next week, due to the Qingming Festival in the Chinese market, SHFE will not conduct night session trading on the evening of April 3; outside China, due to Good Friday, exchanges including the LME will be closed for one day on April 3. In terms of macroeconomic data, key releases are expected to include China’s official manufacturing PMI for March, US ADP employment for March, US retail sales MoM for February, and US ISM manufacturing PMI for March. LME lead, current geopolitical tensions outside China remained prominent, shipping cycles lengthened, and crude oil prices rose, all of which had a significant impact on the base metal market. For lead, consumption in the Middle East was relatively stagnant, supply chains were disrupted, and transportation cycles for lead ingot and lead-acid batteries lengthened. Meanwhile, China’s lead ingot import arbitrage remained favorable, and overseas lead ingot continued to flow into the Chinese market. This week, LME lead ingot inventory fell by nearly 1 kt, and the LME Cash-3M contango narrowed to -$34.62/mt, providing support for lead prices. LME lead is expected to trade at $1,880-1,930/mt next week. SHFE lead, lead ingot inventory was destocked, including inventories at lead smelters and social warehouses, and lead prices showed signs of stabilizing after the decline. However, the lead ingot import window is currently open, while lead-acid batteries will enter the traditional off-season in April, limiting expectations for lead consumption. In addition, some secondary lead smelters recently resumed production and raised output, while new maintenance plans are also scheduled for April. With bullish and bearish factors coexisting in fundamentals, lead prices are expected to continue to fluctuate rangebound. If lead smelter maintenance is implemented as planned, lead prices may have a chance to rise relatively. The most-traded SHFE lead contract is expected to trade at 16,300-16,700 yuan/mt next week. Spot price forecast: 16,250-16,550 yuan/mt. With the traditional off-season for lead-acid batteries approaching in April, downstream enterprises mostly maintained purchasing as needed, with limited procurement enthusiasm. Supply side, both primary lead and secondary lead enterprises saw output increases, and imported lead continued to flow into China, so spot lead premium trading may be difficult to sustain for long.

At first glance, the market reaction to the outbreak of war following U.S. and Israeli strikes on Iran appeared deeply counterintuitive.

SMM News, March 26: Aluminum ingot: On March 26, SMM A00 aluminum (Foshan) was reported at 23,440, down 270, at a discount of 180 against the current-month contract, widening by 5 (unit: yuan/mt) SHFE aluminum 04 contract plunged today, while the South China spot market remained in the doldrums, and buyers generally showed average purchasing sentiment today. Sellers continued to hold prices firm, but amid inventory buildup over the weekend and ample circulating supply, their overall ability to hold prices firm was clearly constrained as month-end and quarter-end approached, with shipments and cash recovery accelerating. Mainstream transaction prices in the market today were concentrated at premiums of -190 yuan/mt to -170 yuan/mt against the SHFE aluminum 04 contract.

Western Mining Co., Ltd. (601168) released its annual report on March 25,with operating revenue of 61.687 billion yuan in 2025, up 23% YoY; net profit attributable to shareholders of the publicly listed firm of 3.643 billion yuan, up 24% YoY; and basic earnings per share of 1.53 yuan.The company proposed to distribute a cash dividend of 0.6 yuan per 10 shares to all shareholders (tax inclusive).

[SMM Tin Morning Comment: The Most-Traded SHFE Tin Contract Maintained a Fluctuating Trend After Opening Slightly Higher in the Night Session, Spot Market Transactions Showed Mediocre Performance]

Shenhuo Coal & Power disclosed its 2025 annual report on March 24. In 2025, the company achieved total operating revenue of RMB 41.241 billion, a year-on-year increase of 7.47%; net profit attributable to shareholders of the parent company was RMB 4.005 billion, a year-on-year decrease of 7.00%; net profit excluding non-recurring items was RMB 4.075 billion, a year-on-year decrease of 0.94%; net cash flow from operating activities was RMB 8.743 billion, a year-on-year increase of 13.28%; during the reporting period, Shenhuo Coal & Power's basic earnings per share were RMB 1.81, and the weighted average return on net assets was 17.49%. The company's proposed distribution plan for 2025 is: a cash dividend of RMB 8 per 10 shares (inclusive of tax) to all shareholders.

[SMM Tungsten Daily Review: Slight Price Collapse in the Scrap Tungsten Market, Ore and Upstream Smelting Products Consolidated Sideways] SMM News, March 23 In the short term, prices across the tungsten industry chain still showed divergence between primary and recycled materials. China was currently in a transition period marked by tightening supply on the raw ore side and a rising utilization rate of recycled materials. Smelters still needed some time to adjust their restocking practices and complete the adaptation and transition from a long-term contract pricing model led by the ore side to a scrap tungsten market procurement model featuring higher-frequency transactions and greater sensitivity to sentiment.