China Nonferrous Mining Corporation Limited (CNMC) reported profit attributable to shareholders of USD 634.00 million for the nine months ended 30 September 2026, a 78% year-on-year increase driven by higher global copper and sulphuric-acid prices.
Production Summary (9M26 vs. 9M25): • Copper cathodes: 104,961 t, down 3%, achieving 78% of 2026 guidance • Blister copper & anodes: 280,636 t, down 9%, 80% of guidance • Sulphuric acid: 727,297 t, down 8%, 81% of guidance • Cobalt in hydroxide: 199 t, down 71%, 33% of guidance • Liquid SO₂: 6,415 t, up 345%, 64% of guidance • Bismuth in oxychloride: 119 t (no prior-year comparison provided)
Operational Highlights: 1. NFCA (Zambia): Copper anodes fell 3% to 48,329 t. 2. Luanshya (Zambia): Copper cathodes rose 1% to 34,966 t; anodes slid 48% to 1,624 t due to a January–April concentrator shutdown for safety maintenance. 3. CCS (Zambia): Blister/anode output down 7% to 181,479 t amid concentrate shortages and mid-September maintenance; sulphuric acid production slipped 5% to 492,960 t. Bismuth output totalled 119 t. 4. SML (Zambia): Cathode production rebounded 317% to 3,153 t after leach-plant restart; anode volumes contracted 26% to 1,136 t. 5. CNMC Huachin Mabende (DRC): Cathodes declined 6% to 22,803 t, constrained by limited sulphuric-acid supply. 6. Huachin Leach (DRC): Cathodes dropped 35% to 12,392 t; cobalt output plunged 85% to 43 t following a halt in cobalt production from March amid export-quota issues and storage limits. 7. Lualaba Copper Smelter (DRC): Blister copper fell 12% to 99,157 t and sulphuric acid 13% to 234,337 t due to May–June maintenance; liquid SO₂ surged 345% to 6,415 t on higher DRC demand. 8. Kambove Mining (DRC): Cathodes increased 10% to 31,647 t, while cobalt in hydroxide contracted 60% to 156 t because of lower ore grades.
Outlook Indicators: • Production rates suggest copper cathodes, blister/anodes and sulphuric acid are on track to meet full-year targets, each exceeding 78% of annual guidance after nine months. • Cobalt output lags, reaching only one-third of guidance, reflecting operational and regulatory challenges in the DRC. • Elevated copper and sulphuric-acid prices remain the primary earnings catalyst.
All figures are based on unaudited management accounts disclosed by CNMC. The board advises investors to exercise caution when dealing in the company’s shares, as the report contains forward-looking statements subject to market and operational uncertainties.
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