CMOC Reports Record Copper and Cobalt Production, Boosting Net Profit
Strong Performance in H1 2024
China Molybdenum Co., Ltd. (CMOC), a leading global mining company, has reported a significant increase in copper and cobalt production during the first six months of 2024, resulting in a substantial increase in recurring net profit.
Record-breaking Production Volumes
CMOC's copper metal production in the first half of 2024 reached 313,788 tonnes, an impressive 10.1% increase from the same period in 2023. Additionally, cobalt production soared by 17.8%, contributing to an already oversupplied market.
Notably, the company achieved a copper production of 419,539 tons in the first half of 2024, representing a 5.1% increase year-over-year.
Positive Impact on Profitability
The strong production performance has had a positive impact on CMOC's profitability. The company expects its recurring net profit for the first half of 2024 to range between RMB 5,375 million and RMB 5,941 million, a significant 23.43% to 26.00% increase year-over-year.
Global Market Position
CMOC's robust production numbers have reinforced its position as one of the top five molybdenum producers and one of the largest tungsten producers in the world. The company's commitment to sustainable and responsible mining practices further enhances its global reputation.
It is worth noting that in the recent past, CMOC was closely competing with Glencore in the cobalt market, with both companies valuing around 22 billion. However, CMOC's exceptional performance in copper and cobalt production has further solidified its position as a leading player in the industry.
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