CMOC Group Limited (CMOC) announced its results for 2024 on March 21, marking a new chapter in industry leadership with the record-highest chapters of revenue, profitability, productivity and sustainability performance.
Key Financial Highlights
CMOC achieved outstanding financial performance in 2024. Net income was USD 29.85 billion based on a 14.37% increase in revenue, resulting from USD 19 billion per year, from 64.03% (YOY) per year. The core mining operations generated exceptional cash returns, increasing operating cash flow by 108.38% to USD 4.544 billion. At the same time, IXM, CMOC’s commodity trading division, recorded a year-on-year 48% of net profit, reaching US$189.6 million.
Operational results: Top 10 global copper producers
In 2024, CMOC set new production records across its diversified portfolio. Copper output surged 55% to 650,161 tonnes from the previous year, pushing the company into the world’s top 10 copper producers, providing the strongest copper production growth rate of the year. Cobalt production increased 106% year-on-year to 114,165 tons, while niobium output increased 5% year-on-year to 10,024 tons. Other important products also recorded year-over-year profits. The total production of phosphate fertilizers rose to 1.18 million tons, while the output of tungsten rose to 8,288 tons, and molybdenum production rose to 15,396 tons.
In addition to these production milestones, the TFM Mixed Ore Project achieved all production and quality goals on a schedule, with a significant deep exploration milestone achieved at both the TFM and KFM sites. Complementing these operational outcomes, CMOC has signed and moved forward on a 200 MW Heshima Hydroelectric Project in the Democratic Republic of the Congo, strengthening local infrastructure and strengthening energy security.
Promote the impact of ESG
CMOC deepened its commitment to sustainable value creation in 2024, maintaining the MSCI ESG AA rating ¹, placing it in the top 13% of global non-ferrous metal companies, earning its first inclusion in the FTSE4GOOD index². The company’s copper carbon emission strength is below 70% of the industry’s peers. Additionally, CMOC has disclosed its range 3 emissions for the first time, showing unprecedented transparency. Beyond environmental performance in 2024, CMOC added USD 26.777 billion in value in the global economy, investing USD 4,092 million in community development programs, strengthening its role as a responsible corporate citizen committing to positive social impacts.
2024 was a groundbreaking year for CMOC, delivering record financial and operational performance while strengthening the strength of its diversified portfolio. The company focuses on moving forward with its growth initiatives, strengthening ESG commitments and creating lasting value for stakeholders and communities.
About CMOC
CMOC Group Limited was founded in 1969, listed in Hong Kong in 2007 and listed on the Shanghai Stock Exchange in 2012. The company’s main assets and operations are in Asia, Africa, South America and Europe. The company is the world’s largest producer of tungsten, molybdenum and the largest cobalt producer, and is one of the world’s largest producers of Niobium, the global leading copper producer.
It is also the second largest producer of phosphate fertilizer in Brazil. In terms of business activities, the company is ranked among the top three base metal traders in the world. In line with its commitment to the positive and social impacts of environmental and social impact, the company will invest heavily in ESG (environmental, social and governance) initiatives, creating over 32,000 jobs.
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¹Disclaimer: CMOC’s use of data from MSCI ESG Research LLC or its affiliates (“MSCI”) and the use of the MSCI logo, trademark, service mark or index name herein does not constitute MSCI’s sponsorship, approval, recommendation, or promotion of CMOC. MSCI services and data are properties of MSCI or its information providers and are provided without “AS-IS” and without warranty. The MSCI name and logo are MSCI trademarks or service marks.
²FTSE4GOOD Index is a set of ethical investment stock market indexes designed to measure the performance of companies that demonstrate specific environmental, social and governance (ESG) practices.
