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.

SMM Analysis: In 2025, China's smelting and refining capacity grew, while the TC for copper concentrates continued to deteriorate. Against this backdrop, smelters were compelled to adjust their raw material mix, with copper scrap, blister copper, and anode plates becoming key substitutes and supplements...

SMM reported on May 16: Previously, Yuguang Gold and Lead Group released a record of investor activities, which mentioned the production, pricing, and sales of copper, gold, silver, and sulphuric acid. The company stated that its copper capacity reached 150,000 mt, with raw material procurement pricing following the "copper grade × coefficient" model to accurately calculate costs. In sales, the company uses the market prices on the Nonferrous Metals Network as a benchmark to ensure fair and transparent transaction prices, closely following market dynamics to effectively balance costs and revenues. For gold, the annual capacity is approximately 15 mt, produced through lead ore smelting, with the main sales channel being the Shanghai Gold Exchange. In procurement, pricing is based on the gold grade in lead ore multiplied by a coefficient, and sales prices fluctuate with the market, closely following market dynamics. For silver, the company has an annual capacity of 1,800 mt, produced as a by-product of lead ore smelting. The company mainly earns processing fees, with mines playing a dominant role in the profit distribution of the industry chain. For sulphuric acid, the annual capacity is approximately 900,000 mt, with significant regional price differences and sharp fluctuations. Prices could reach over 600 yuan/mt at their peak and currently maintain at over 500 yuan/mt, with considerable uncertainty in price trends. In addition, the company also stated that its by-products include various minor metals such as zinc oxide and antimony, all of which are derivatives from the lead smelting process. Due to the low grade of raw ore for these by-products, they are often priced at low costs or even not priced at all during raw material procurement, resulting in significantly lower production costs compared to main products. Leveraging this cost advantage, the company has achieved a high gross profit margin in the by-product production sector, becoming an important supplement to profit growth. According to the company's previously released 2024 annual report and Q1 2025 performance report, the company achieved a total revenue of 39.345 billion yuan in 2024, up 22.40% YoY. The net profit attributable to shareholders of the publicly listed firm was 807 million yuan, up 38.88% YoY. In the annual report, the company stated that in 2024, it achieved a total production of 555,600 mt of lead products, 164,900 mt of copper cathode, 15.13 mt of gold, and 1,566.24 mt of silver, representing increases of 0.31%, 7.53%, 29.11%, and 2.25% YoY, respectively. Revenue, profit, and tax revenue all reached their highest levels in history. Yuguang Gold and Lead Group stated that during the reporting period, the company's revenue and operating costs from non-ferrous metals, precious metals, and chemical products all increased, primarily due to the increase in production and sales volume of the company's main products, coupled with rising market prices. In addition, during the reporting period, the increase in production and sales volume of the company's main products, including primary lead, copper cathode, gold, and silver, along with rising market prices, led to increases in revenue, operating costs, and gross profit for products such as lead, copper, gold, and silver. The rising market prices of antimony products and sulphuric acid have led to a significant increase in operating revenue and gross profit. Regarding the production and operation targets for 2025, Yuguang Gold and Lead Group stated that it aims to produce 702,000 mt of lead products, 15 mt of gold, 1,700 mt of silver, 155,000 mt of copper cathode, and 875,000 mt of sulphuric acid in 2025. In terms of Q1 performance, the company achieved operating revenue of approximately 10.395 billion yuan, up 21.29% YoY. Net profit attributable to shareholders of the publicly listed firm was approximately 229 million yuan, up 35.38% YoY. The company's production and sales of major products in Q1 are as follows: As can be seen from the figure, the company's lead product production in Q1 reached 160,000 mt, with sales of 150,000 mt, both showing an upward trend. In particular, production increased by 16.89% YoY. It is worth mentioning that the performance of lead prices in Q1 was also remarkable. The main SHFE lead contract rose from 16,825 yuan/mt at the beginning of 2025 to 17,445 yuan/mt, with a total increase of 620 yuan/mt, or 3.68%. In terms of spot prices, according to SMM spot quotes, the SMM 1# lead ingot spot price was 16,775 yuan/mt at the beginning of 2025 and rose to an average spot price of 17,150 yuan/mt on March 31, with a quarterly increase of 2.24%. 》Click to view SMM lead product spot quotes On April 10, Yuguang Gold and Lead Group was also asked about the impact of US tariffs on its operations. The company stated that it currently has no export business to the US. In terms of imports, the amount of ore purchased from the US each year accounts for a relatively small proportion. Given the widespread distribution of global mineral resources, the lead ore the company purchases from other countries can effectively replace resources. Therefore, the current impact of Sino-US tariff policies on the company's operations is relatively small. However, the US's move to impose tariff hikes on numerous countries globally has already triggered severe fluctuations in the commodity and capital markets. The subsequent impact on the company's business is temporarily difficult to predict, and the company will closely monitor the development of related events.

On Friday, April 11, Canadian mining company Hudbay Minerals reached an agreement with seven industry unions, which will support its construction of the Copper World copper mine in Arizona. The mine is designed with an annual copper capacity of 85,000 mt and an expected mining lifespan of 20 years, and has now been fully approved for construction. Hudbay Minerals also stated that investors from Japan and the UAE are currently interested in purchasing partial shares of the mine. Earlier this year, the mine received an air quality permit from the Arizona Department of Environmental Quality (ADEQ), following prior approvals for aquifer protection and land reclamation, marking the completion of the project's permitting process. The company stated that the final feasibility study for the project is expected to be completed in H1 2026. Hudbay said that once the Copper World mine is operational, the company's annual copper production is expected to increase by more than half compared to current levels. The company currently operates copper mines in Canada and Peru. (Comprehensive report by Wen Hua) To learn more about the dynamics of the copper industry chain, you are welcome to attend the CCIE 2025 SMM (20th) Copper Conference & Copper Industry Expo, hosted by SMM, which will be held grandly in Nanchang, Jiangxi from April 22-25, 2025. CCIE 2025 SMM (20th) Copper Conference & Copper Industry Expo ~ Over 3,000 industry elites, representatives from upstream and downstream enterprises of the copper industry chain, government officials, industry associations, third-party equipment, logistics and warehousing, as well as experts from universities and research institutions will gather together. The conference covers mines, smelting, copper processing, trade, recycling, and end-use applications, encompassing the entire copper industry chain. At the event, more than 100 exhibitors will showcase the latest copper processing and smelting equipment, high-quality raw material suppliers, and new-type copper-based materials, highlighting the innovation and vitality of the copper industry. The conference features a variety of exciting activities: the main forum focuses on global copper market trends, raw material supply, policy impacts, and market directions. Sub-forums delve into hot topics in fields such as electrical power transmission and distribution, secondary copper, copper-based new materials, hardware and plumbing, and ESS. During the conference, a two-day field trip will visit 12 representative enterprises in the copper industry with a cumulative capacity of 1 million mt. Sharing cutting-edge technologies and valuable experiences will help upgrade the copper industry chain and promote high-quality industry development. CCIE 2025 SMM (20th) Copper Conference & Copper Industry Expo will help you grasp industry trends, expand your network, and seek business opportunities! SMM cordially invites you to gather in Nanchang, Jiangxi from April 22-25, to unite in the new era and jointly plan for new development!

CMOC released an announcement on its operational performance for January-March 2025 on the evening of April 8. During the period, the company seized favorable market opportunities and made every effort to stabilize and increase production. The production of its main products, including copper, refined cobalt, and niobium, increased by 15.65%, 20.68%, and 4.39% YoY, respectively. Benefiting from the YoY rise in selling prices of all products, the company's key operating indicators exceeded expectations, achieving a strong start to the year. CMOC stated that 2025 is a critical year for achieving strategic goals and high-quality development. The company will continue to accelerate expansion projects to maximize resource utilization value, laying a solid foundation for new breakthroughs. CMOC's previously released 2024 annual report showed that the company's revenue exceeded 200 billion yuan for the first time, reaching 213.029 billion yuan, up 14.37% YoY. Net profit attributable to shareholders surpassed 10 billion yuan for the first time, reaching 13.532 billion yuan, up 64.03% YoY. Adjusted net profit attributable to shareholders was 13.119 billion yuan, up 110.48% YoY. Earnings per share were 0.63 yuan, up 65.79% YoY. CMOC's annual report revealed that in 2024, the production of its main products, including copper, refined cobalt, niobium, and phosphate fertiliser, hit record highs. Among them, annual copper production reached 650,200 mt, up 55% YoY, making CMOC one of the top 10 global copper producers for the first time. According to institutional estimates, CMOC accounted for nearly 60% of the global incremental mine copper production in 2024. In other mineral products, CMOC produced 114,200 mt of refined cobalt, 10,024 mt of niobium, 1.18 million mt of phosphate fertiliser, 8,288 mt of tungsten, and 15,396 mt of molybdenum in 2024, maintaining its leading position in the industry. CMOC also announced its 2025 operational plan in its 2024 interim report. According to the guidance on the production of major products and physical trade volume in the mining and trade business segments for 2025, the company plans to produce 600,000-660,000 mt of copper, 100,000-120,000 mt of refined cobalt, and 12,000-15,000 mt of molybdenum. Huafu Securities released a research report on April 2, giving CMOC a "Buy" rating. The reasons for the rating include: 1) Volume: Record-high production of major products in 2024, with major construction projects reaching full production and meeting standards; 2) Price: Copper prices hit a record high in 2024; 3) Profit: The refined cobalt segment achieved volume discount, and profits are expected to grow positively in 2025. Risk warnings: Copper, refined cobalt, and molybdenum prices may fall short of expectations, and overseas policy changes pose risks. Tianfeng Securities released a research report on March 28, giving CMOC a "Buy" rating. The reasons for the rating include: 1) Record-high production of major products such as copper and refined cobalt, with earnings exceeding expectations; 2) Record-high production of major products such as copper and refined cobalt, with earnings exceeding expectations; 3) Full completion of production plans, with the molybdenum, tungsten, niobium, and phosphate fertiliser segments showing strong momentum; 4) A new round of copper capacity expansion plans is underway, with significant long-term growth potential. Risk warnings: Price fluctuations of major products; geopolitical and policy risks; exchange rate risks; safety, environmental protection, and natural disaster risks; subjective nature of estimates. If you want to learn more about the copper industry chain, you are welcome to attend the CCIE2025SMM (20th) Copper Conference and Copper Industry Expo, hosted by SMM, which will be held grandly in Nanchang, Jiangxi, from April 22-25, 2025. CCIE2025SMM (20th) Copper Conference and Copper Industry Expo ~ Over 3,000 industry elites, representatives from upstream and downstream enterprises in the copper industry chain, government officials, industry associations, third-party equipment, logistics and warehousing, and academic experts will gather together. The conference covers mining, smelting, copper processing, trade, recycling, and end-use applications, encompassing the entire copper industry chain. At the event, more than 100 exhibitors will showcase the latest copper processing and smelting equipment, high-quality raw material suppliers, and new-type copper-based materials, highlighting the innovation and vitality of the copper industry. The conference features a variety of exciting activities: The main forum focuses on global copper market trends, raw material supply, policy impact analysis, and market trend interpretation. Sub-forums delve into industry hot topics in areas such as electrical power transmission and distribution, secondary copper, copper-based new materials, hardware and plumbing, and ESS. During the conference, a two-day field trip to 12 representative enterprises in the copper industry, with a cumulative production of 1 million mt, will be conducted. Sharing cutting-edge technologies and valuable experiences will help upgrade the copper industry chain and promote high-quality industry development. CCIE2025SMM (20th) Copper Conference and Copper Industry Expo will help you grasp industry trends, expand your network, and seek business opportunities! SMM cordially invites you to gather in Nanchang, Jiangxi, from April 22-25, to unite in the new era of copper and jointly plan for new development!

[Revenue Exceeds 200 Billion for the First Time, Net Profit Hits Record High CMOC: A New Major Opportunity Window Is Emerging | Financial Report Analysis] ①2024 net profit increased by over sixty percent to 13.532 billion yuan, with revenue breaking through the 200 billion yuan mark for the first time; ②Achieved the best annual performance since listing; ③The company stated that a new major opportunity window is emerging. (Cailian Press)

SMM Analysis: Copper Anode Imports Increased in December, While Total Imports in 2024 Were Below 900,000 mt According to data from the General Administration of Customs, China imported 80,200 mt of copper anode in December 2024, up 14.85% MoM and up 56.02% YoY. From January to December 2024, total copper anode imports reached 896,000 mt, down 10.62% YoY...

[SMM Analysis: 2025 Benchmark for Imported Blister Copper Long-Term Contract Finalised, Falling Below Triple Digits for the First Time in Recent Years] According to SMM, CNMC International Trading Co. Ltd. and Jiangxi Copper Corporation (JCC) reached an agreement on the 2025 CIF blister copper RC benchmark on the afternoon of December 31, 2024, Beijing time, setting it at $95/mt. This RC is $21/mt lower than this year's $116/mt, marking the first time in recent years that it has fallen below triple digits...

In August 2024, China imported 2.574 million mt of copper concentrates and ores, up 18.9% MoM, but down 4.6% YoY.

According to SMM, in August, China's copper cathode production remained above 1 million mt.