On 27 March, CMOC released its annual results for the year ended 31 December 2025. The Company reported revenue of US$29.1 billion, with net profit attributable to the parent company amounted to US$2.9 billion, representing a year-on-year increase of 50.3% and marking the fifth consecutive year of record-breaking results. Net cash flow from operating activities reached US$2.9 billion, the second highest in the Company's history. Total assets surpassed US$28.3 billion, an increase of 18.0% year-on-year.

In the fourth quarter of 2025 in particular, the Company achieved revenue of US$8.6 billion, net profit attributable to shareholders of US$852.5 million, and copper production of nearly 200,000 tonnes, all of which represented quarterly records.

Throughout 2025, the Company focused on organizational transformation, building a professional, internationalized, and young team while driving refined operations. Benefiting from higher prices for its main products, together with strong production and sales volumes, the Company reached new heights in its performance.

Continued Improvement in Operational Quality

Revenue from the mining segment amounted to US$10.9 billion, accounting for 38% of total revenue, representing an increase of approximately 7 percentage points in the proportion of mining-generated revenue compared with 2024. Within this, copper product revenue reached US$7.8 billion, representing 27% of total revenue and 71% of mining segment revenue. Both copper-related metrics rose by approximately 7 percentage points year-on-year.  

The growth was driven by the continued optimization of the six production lines at the TFM and KFM copper-cobalt mines, two world-class copper assets. During the reporting period, the Company produced 741,100 tonnes of copper, setting a new record and solidifying its position among the world‘s top ten copper producers. Based on the midpoint of the 2025 production guidance, this represented 118% of the target, with year-on-year growth of 13.99%. Sales volume reached 730,200 tonnes, a year-on-year increase of 5.90%. Coupled with higher copper prices, copper product revenue grew by 31.36% year-on-year.

Production Exceeding Guidance Targets|

The Company achieved record niobium production of 10,348 tonnes, representing 103% of the target. Phosphate fertilizer production reached 1,213,500 tonnes, or 106% of the target. Cobalt production reached 117,500 tonnes, or 107% of the target. Molybdenum production totalled 13,906 tonnes, or 103% of the target, and tungsten production reached 7,114 tonnes, or 102% of the target. In addition, the Company’s physical trading volume reached 4.7 million tonnes, representing 111% of the target. IXM's gross profit margin under IFRS was 2.11%, reaching a recent-year high.

Tangible Results from Cost Reduction and Efficiency Enhancement

Total operating costs for the year were US$22.1 billion, a year-on-year decrease of 11.56%. In 2025, all of the Company‘s global operations advanced the concept of refined operations through initiatives such as innovation, technological transformation, and process optimization. In the fourth quarter, TFM’s overall copper recovery rates, equipment utilization rates, and raw ore processing volumes all exceeded calendar targets. KFM established an ore characteristics database and ore blending model, achieving a year-on-year increase of more than 30% in grinding circuit efficiency. At CMOC Brasil, the recovery rates of the two niobium beneficiation plants improved by approximately 2 percentage points year-on-year, reaching record highs. In China, the Shangfanggou molybdenum mine, as well as the Sandaozhuang molybdenum and tungsten mines, recorded year-on-year increases in recovery rates of 3.24, 2.65, and 3.17 percentage points, respectively, also setting new records.

Strategic Focus on the "Copper + Gold" Bipolar Portfolio

Around its strategic focus on "multi-product, multi-country, multi-stage" growth, the Company added significant gold resources in 2025, building a "Copper + Gold" bipolar portfolio. Together with a greenfield gold mine in Ecuador and four operating gold mines in Brazil, the Company is expected to have gold production capacity of 20 tonnes in South America by 2029. The Ecuador gold mine is scheduled to commence production in 2029, with land acquisition and power infrastructure work advancing rapidly. The Brazil gold mines achieved overproduction in the first two months of 2026, with full-year gold production expected to be between 6 and 8 tonnes.

With a target of producing 800,000 to 1 million tonnes of copper by 2028, the Company is advancing the KFM Phase II project, which is expected to add 100,000 tonnes of annual copper production capacity upon commissioning in 2027. At TFM, exploration has confirmed resource potential at associated deposits, and preliminary preparations for Phase III expansion are accelerating. Additionally, the Company completed the issuance of a US$1.2 billion one-year zero-coupon convertible bond, broadening its financing channels to support strategic initiatives.

Commitment to High ESG Standards

Alongside its financial growth, the Company continued to uphold high ESG standards. During the reporting period, ESG governance was further refined, and digital transformation was advanced. Environmental performance remained globally competitive: the Company’s copper product carbon emission intensity was lower than that of 70% of global mining companies. The share of renewable energy and water recycling rose to 38% and 89%, respectively, compared with 2024. The Company‘s total direct global economic contribution was US$25.7 billion, and its global community investment reached US$68.7 million.

2026 Outlook: Deepening Platform-Based Operations and Refined Management

2026 is a critical year for the Company to fully implement its new development strategy and deepen both platform-based operations and refined management. The Company will further build a platform-based organization, with the Global Supply Chain Center serving as a pioneer to enhance collaborative efficiency and cost competitiveness. Leveraging the "622" model, together with its cross-border mining management expertise and standardized business processes, the Company will continue to improve its global governance system. Centered on the "copper and gold" bipolar portfolio, CMOC will further convert its resource advantages into production capacity and output, while continuing to seek quality acquisition targets. With the goal of becoming a globally leading and distinctive world-class mining company, CMOC will continue to advance and deepen its presence in the mining industry.