• Key Financials

During the reporting period, the company registered a revenue of RMB102.818 billion, up 18.56% YoY, EBITDA of RMB15.987 billion, up 197.83% YoY, net profit attributable to parent of RMB5.417 billion, up 670.43% YoY. The company’s asset-liability ratio was 59.16%, down 5.72 percentage points. The operating cash flow for H1 2024 was RMB10.8 billion, with cash and cash equivalents totaling RMB30.9 billion. 

• Business Highlights

Production all exceeded targets. In H1 2024, the company achieved copper production of 313,788 tons, up 100.74% YoY, and cobalt production of 54,024 tons, up 178.22% YoY, making it the largest contributor to global copper production growth in H1 2024 and the world’s largest cobalt producer. Molybdenum production was 7,349 tons, down 12.39% YoY, tungsten production was 4,020 tons, up 5.43% YoY. Niobium production was 5,082 tons, up 8.23% YoY, and phosphate fertilizer production reached 583.3 kt, up 6.47% YoY. Based on the mid-point of the 2024 production guidance, the completion rates for copper, cobalt, molybdenum, tungsten, niobium, and phosphate fertilizer in H1 were 58%, 83%, 54%, 57%, 53%, and 51%, respectively, surpassing the midpoints of their production guidance.

Business performance further improved. In H1 2024, the overall gross profit margin of the mining segment was 47%, up 20 percentage points YoY. The trading segment focused on high-value business with IXM recording a profit of RMB664 million, up 117% YoY, contributed mainly by 29% increase in copper trading volume.

Major projects achieved significant progress. The company’s key projects have been fully completed. TFM East Process Plant has reached its production targets, with five production lines now operational, achieving an annual capacity of 450,000 tons of copper and 37,000 tons of cobalt, making it the fifth-largest copper mine and the second-largest cobalt mine in the world. KFM maintained high production, with an annual capacity exceeding 150,000 tons of copper and 50,000 tons of cobalt, solidifying its position as the world’s largest cobalt mine. The company has made breakthroughs in new projects, signing contract for Nzilo II Hydropower Project, which will provide stable power supply for capacity expansion. Positive progress has also been made in the exploration and development of TFM West Plant and KFM Phase II.

ESG maintained excellent performance. In H1 2024, TFM became the first mine in Africa to be awarded The Copper Mark. CMOC maintains its AA MSCI ESG rating consecutively following 2023, ranking in the top 19% of the global non-ferrous metals industry. Additionally, the company was included for the first time in the FTSE4Good Index Series and listed for its second consecutive year in the S&P Global Sustainability Yearbook (China), showcasing its excellence in sustainable development.