CMOC Targets Double-Digit Copper Growth as Prices Boost Profits
CMOC Plans Up to 11% Copper Output Growth in 2026 as Record Prices Lift Earnings
Major Chinese mining company CMOC Group is targeting double-digit copper production growth in 2026, buoyed by a strong rally in copper prices that significantly lifted profits, while maintaining its cobalt production guidance following record output last year.
In a filing to the stock exchange on Thursday, the Henan-based miner said copper production is expected to reach between 760,000 tonnes and 820,000 tonnes in 2026, representing an increase of up to 11 per cent compared with last year.
Copper prices have surged to repeated record highs since late 2025, driven by concerns that global supply will struggle to keep pace with rising demand.
The metal is a critical input for electrification, renewable energy systems, electric vehicles, as well as traditional manufacturing and construction.
The price rally helped lift CMOC’s net profit by around 50 per cent last year to as much as 20.8 billion yuan (approximately US$3 billion), according to preliminary results released in a separate statement.
CMOC’s production outlook aligns with broader growth trends among Chinese miners. Zijin Mining Group, a larger domestic peer, has also signalled expansion plans, targeting copper output of around 1.2 million tonnes amid ongoing investments in domestic mining projects.
Meanwhile, CMOC maintained its cobalt production guidance at between 100,000 tonnes and 120,000 tonnes for 2026, following record output of 117,549 tonnes in 2025.
All of the company’s cobalt production is derived from its operations in the Democratic Republic of Congo (DRC), where cobalt is produced as a by-product of copper mining.
The production milestone was achieved despite the DRC government’s move to curb cobalt exports in an effort to rein in oversupply and support prices.
The country, which accounts for approximately three-quarters of global cobalt production, imposed a shipment ban in February and introduced a quota-based export system from mid-October.
As the world’s largest cobalt producer, CMOC is expected to be permitted to export 31,200 tonnes of cobalt in 2026, in addition to volumes allocated under last year’s quota following shipment delays.
Cobalt prices have reacted sharply to the supply constraints, with cobalt hydroxide prices rising by about 345 per cent since February, while a key benchmark price for the metal has more than doubled over the same period.
