CMOC Group Limited Reports $12.22 Billion Turnover in DRC Mines for H1 2023

CMOC Group Limited announces that it has recorded a turnover of 12.22 billion US dollars in its mines in the Democratic Republic of Congo (DRC) in the first half of 2023, down 5.49% year-on-year.

In a press release published on Wednesday August 30, 2023, CMOC explains that these results are due to the impact of the disruption of exports of TFM copper and cobalt products and the negative evolution of the market price of phosphate products.

The group says it achieved net profit attributable to parent company of USD 99.08 million, down 83.05%, net operating cash flow of USD 1.23 billion, up 3.06%, and earnings per share of $0.005.

“CMOC recorded an increase in its production in its various sectors of activity. In the Democratic Republic of Congo, TFM and KFM produced 156,318 tonnes of copper, an increase of 25%.

 Cobalt production increased by 86%, reaching 19,418 tonnes. In China, 3,813 tonnes of tungsten were produced, as well as 8,389 tonnes of molybdenum, up 8% from the previous year.

 In Brazil, the production volumes of niobium and phosphate fertilizers were 4,695 tons and 547,864 tons, respectively. In Australia, 12,564 tonnes of copper were produced, as well as 9,550 ounces of gold, up 12% and 14% respectively. », Informs the press release.

According to the source, the first half of 2023 was also marked by the resolution of the disagreement over TFM royalties.

The company signed a settlement agreement with Gécamines, it will be recalled, which made it possible to remove the greatest uncertainty weighing on the development of the company. Exports of copper and cobalt products from TFM were able to resume.

The statement added that operations have also seen some significant progress. Particular reference was made to the middle zone of the TFM mixed ore project which was successfully commissioned and the installation of the acid plant in the roasting plant was 97% complete. 

The KFM site commissioned in the second quarter and which has already reached full planned production is part of the significant progress.

Committed to improving its ESG performance, CMOC has created a new department responsible for implementing the Group’s ambitious sustainable development strategy. 

The company is committed to achieving carbon peaking by 2030 and carbon neutrality by 2050, making an appropriate contribution to the global carbon peaking and carbon neutrality targets.

“Our commitment to a more sustainable mining industry is reflected in the improvement of our ESG rating during this first half of 2023.

By going from A to AA, our performance is among the highest 16% of the MSCI rating of the global non-ferrous metals industry. 

CMOC’s mining sites have maintained strong health, safety and environmental performance, with no fatalities and no environmental incidents reported,” explained Mr. Sun Ruiwen, CEO of CMOC.

CMOC Group was established in 1969. It is a private management company listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange in 2007 and 2012, respectively.

CMOC is an international company specialized and engaged in the exploration, mining, processing, refining, marketing and trading of rare metals.

 The company’s main assets and operations are located in Asia, Africa, South America, Oceania and Europe. The company is one of the world’s largest producers of tungsten, molybdenum and niobium, the second largest producer of cobalt and a leading copper producer in the world.

The mining group is also the second largest producer of phosphate fertilizers in Brazil. In terms of trading activities, the company is among the top three base metals traders in the world.

 The company is now among the leaders in the international mining industry with a cumulative investment of more than $7 billion and employs more than 12,000 people.