CMOC released its audited 2025 results. Operating revenue slipped 2.98% year-on-year to RMB206.68 billion, but net profit attributable to shareholders jumped 50.30% to RMB20.34 billion, pushing weighted average ROE to 26.61% (2024: 20.96%). The Board recommends a cash dividend of RMB2.86 per 10 shares, up from RMB2.55 a year earlier, equal to a payout of about RMB6.12 billion, or 30.08% of attributable earnings.
Core mining performance improved. Group copper output climbed 13.99% to 741.1 kt, keeping CMOC among the world’s ten largest producers. Cobalt output rose 2.96% to 117.5 kt, while niobium production edged up 3.23% to 10.35 kt. Molybdenum and tungsten production declined 9.68% and 14.17%, respectively, reflecting mine scheduling and grade changes. IXM trading volumes reached 47.1 million tonnes, down 14.98% year-on-year, but the unit delivered record operating efficiency.
Profit growth was driven by a 39.95% rise in total profit to RMB35.16 billion, expansion of the gross margin to 23.9% (2024: 16.6%) and disciplined cost control. The asset–liability ratio remained low at 50.34% (2024: 49.52%) and operating cash flow fell 35.64% to RMB20.84 billion. Cash and cash equivalents stood at RMB30.68 billion at year-end.
Strategic moves during 2025 included the USD2.99 billion acquisition of Lumina Gold Corp., adding the Ecuador-based Odin Mining project with 4.91 million ounces of inferred gold resources. In December CMOC agreed to buy four producing Brazilian gold mines from Equinox Gold for USD1.02 billion; the deal closed in January 2026. On 26 January 2026 the company completed a USD1.2 billion zero-coupon guaranteed convertible bond due 2027 to optimise capital structure and fund overseas expansion.
For 2026 CMOC guides for 760–820 kt copper, 100–120 kt cobalt, 6–8 t gold, 11.5–14.5 kt molybdenum, 6.5–7.5 kt tungsten, 10–11 kt niobium and 10.5–12.5 million tonnes of phosphate fertiliser. The group will press ahead with the KFM Phase II expansion in the DRC, Brazilian niobium-phosphate upgrades, and platform-based synergy initiatives while advancing its newly defined “Copper-Gold Dual Core” growth strategy.
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