■ Key financials reached record highs

In 2023, the Company registered a revenue of RMB186.3 billion, up 7.68% YoY, and net profit attributable to the parent company of RMB8.25 billion, up 35.98% YoY; EBITDA of RMB20.23 billion, up 11.45% YoY; and an EPS of RMB0.38, up 35.71% YoY.

■ Significant YoY increase of the output of all products

In 2023, the output of all products under the Group increased, with that of copper, cobalt, niobium, and phosphate fertilizers reaching record highs. Notably, the Company achieved copper production of 419,539 tons, up 51.46% YoY, with copper production close to the tenth in the world; cobalt production of 55,526 tons, up 173.71% YoY, making it the world's No. 1 cobalt producer. In China, molybdenum production was 15,635 tons, up 3.45% YoY, and tungsten production was 7,975 tons, up 6.20% YoY. In Brazil, production volumes of niobium and phosphate fertilizers were 9,515 tons and 1,168,222 tons, up 3.29% and 2.28% YoY respectively. In Australia, production volumes of copper and gold were 25,550 tons and 18,772 ounces.

■ Business highlights

Two world-class projects were commissioned.All three production lines of TFM mixed ore project were commissioned successfully. Moreover, with the five copper-cobalt production lines at TFM all started production in 2023, its current copper and cobalt production capacity is at 450,000 tons and 37,000 tons respectively. KFM project was put into operation in Q1 and reached full production in Q2 as designed. The TFM royalty issue was properly settled, laying a solid foundation for the long-term development.

The Company has made its presence in new energy metal sector including copper-cobalt-nickel-lithium.Carrying out regular asset review, the Company sold its 80% interest in NPM and obtained substantial earnings. The consortium between the Company and CATL acquired the mining rights of two lithium brines in Bolivia, thus expanding its product portfolio of new energy metals.

The trading arm saw growth in efficiency, yielding record results.IXM completed an upgrade of its organizational structure, enhanced its business strength and continued to improve efficiency, realizing a net profit attributable to the parent company of RMB0.913 billion, demonstrating closer coordination between the mining and trading sector.

The Company’s leading ESG performance was further improved.MSCI ESG rating was upgraded to AA, top 20% among global non-ferrous miners. IXM has received a Gold rating from EcoVadis, ranking in the top 3% of global metal and ore traders. The Company unveiled its Carbon Neutral Roadmap and Action Plan and the first TCFD report. With its carbon intensity 95% lower than the industry average, renewable sources accounting for 41% of overall energy consumption and recycled water accounting for 80% of overall water consumption, the Company presented globally leading environmental performance. In 2023, CMOC’s direct economic contributions globally amounted to approximately RMB182.9 billion.