China Molybdenum’s DRC Operations Drive Record Growth and Strategic Dominance

Mining giant China Molybdenum Co. Ltd. (CMOC)—a key player in the Democratic Republic of Congo through its operations at Tenke Fungurume Mining (TFM) and Kisanfu Mining (KFM)—achieved a significant milestone in 2024, posting impressive financial and operational results that solidify its status among the world’s top producers of strategic metals.

According to the company, net profit attributable to shareholders rose by 64% to USD 1.9 billion, while revenue increased by 14.37% to reach USD 29.85 billion.

CMOC also reported exceptional growth in operating cash flow, which surged by 108.38% to USD 4.54 billion, highlighting the strength and resilience of its business model. Its metals trading subsidiary, IXM, also performed strongly, with net profit rising 48% to USD 189.6 million.

Production Surge Driven by DRC Operations

CMOC’s expansion in copper and cobalt production was driven largely by its Congolese assets. In 2024, the company recorded:

• 650,161 tonnes of copper produced (+55%) — securing a spot among the world’s top 10 copper producers
• 114,165 tonnes of cobalt produced (+106%) — reinforcing its global leadership in this key battery metal
• 10,024 tonnes of niobium (+5%), alongside 15,396 tonnes of molybdenum and 8,288 tonnes of tungsten

The TFM Mixed Ore Project met both its production and quality targets on schedule, while continued deep exploration at the TFM and KFM sites points to long-term production growth.

In 2024, CMOC advanced its sustainability agenda by signing a contract to construct the 200 MW Heshima Hydroelectric Project in the DRC. This investment aims to bolster local infrastructure and improve regional energy security.

In addition, CMOC reported generating USD 26.77 billion in value for the global economy and invested USD 40.92 million in community development initiatives, reaffirming its commitment to responsible and inclusive growth.

CMOC’s 2024 performance underscores its strategic role in the global shift toward clean energy. Its dominance in copper and cobalt—essential components for electric vehicle batteries—has positioned it at the heart of the green energy supply chain.

Still, the company faces headwinds. Analysts highlight potential risks tied to U.S.–China geopolitical tensions and growing global demands for traceability and ethical sourcing.

Experts emphasize the importance of maintaining transparency, environmental responsibility, and high operational standards to safeguard CMOC’s long-term prospects.

With outstanding financial results, expanded production capacity, and growing investments in infrastructure and communities, CMOC has firmly established itself as a pillar of the global mining sector and a vital player in the Democratic Republic of Congo’s economic landscape.