CMOC Posts Record Earnings in 2024 on Strong Cobalt and Copper Output
China’s CMOC Group Ltd., the world’s largest cobalt producer, reported record earnings in 2024, driven by increased production, higher sales, and rising copper prices.
The company’s net income surged 64% to 13.5 billion yuan ($1.9 billion), surpassing analysts’ estimates of 12.3 billion yuan. Revenue rose 14% to 213 billion yuan, also exceeding forecasts. CMOC attributed its strong performance to capacity expansions and efficiency improvements.
“Mining is a cyclical industry, and accurately understanding market cycles is key to successful expansion,” the company stated in its earnings report. “At the bottom of the cycle, we successfully acquired world-class mines to drive external growth.”
CMOC more than doubled its cobalt production and boosted copper output by 55% in 2024, supported by its two major mining operations in the Democratic Republic of Congo. The company has set similar production targets for both metals this year.
While CMOC’s increased cobalt output contributed to a global supply glut in 2023, a recent export ban from the DRC, the world’s top producer, has disrupted the market, pushing prices higher. CMOC has established a special working group to maintain dialogue with Congolese officials regarding the situation.
Meanwhile, copper prices have surged in recent weeks. In a potential move toward imposing tariffs, former U.S. President Donald Trump ordered the Commerce Department to investigate copper imports last month.
On the London Metal Exchange, copper prices recently surpassed $10,000 per ton, reaching their highest level since October, while prices on New York’s Comex neared a record high.
CMOC’s metals trading division also performed steadily, generating a net income of 1.4 billion yuan attributable to the parent company.
