CMOC Group Limited (HKEX: 3993 / Shanghai: 603993) is the world’s largest cobalt producer and one of the top five copper miners globally, with CMOC cobalt copper output reaching 117,500 tonnes and 741,100 tonnes respectively in FY 2025 — both company records. Group revenue exceeded RMB 206.7 billion (~$28.5 billion), the second consecutive year above RMB 200 billion, while net profit attributable to shareholders rose 50.3% year-on-year to RMB 20.3 billion (~$2.8 billion), a record for the fifth consecutive year.
Company Overview
CMOC Group is a Beijing-headquartered diversified mining company with primary operations in the Democratic Republic of Congo and Brazil. Its mineral portfolio spans cobalt, copper, niobium, molybdenum, tungsten, and phosphate fertiliser, with gold added following the C$581 million acquisition of Lumina Gold, completed April 2025.
The company is listed on the Hong Kong and Shanghai stock exchanges. Its largest shareholder is Luoyang Mining Group, a state-owned enterprise, which gives CMOC strategic alignment with Chinese state objectives — a material consideration for Western buyers and counterparties assessing supply chain exposure.
CMOC’s 100%-owned subsidiary IXM is one of the world’s largest base metals trading companies, providing physical trading, logistics, and marketing across global markets. The combination of large-scale mining operations and an integrated trading arm gives CMOC a vertically integrated presence across the cobalt and copper supply chains that few competitors can match.
CMOC Cobalt Copper — DRC Operations
CMOC’s two DRC mines are among the most significant cobalt and copper assets in the world.
Tenke Fungurume Mine (TFM) is the fifth-largest copper mine globally. Its East Process Plant now operates at full capacity across five production lines, with nameplate capacity of 450,000 tonnes per year of copper and 37,000 tonnes per year of cobalt. CMOC acquired TFM from Freeport-McMoRan in 2016.
Kisanfu Mine (KFM), acquired from BHP in 2021, is the world’s largest cobalt mine by resource. Annual nameplate capacity exceeds 150,000 tonnes of copper and 50,000 tonnes of cobalt. Both acquisitions were made at or near the bottom of commodity cycles — a deliberate and effective capital allocation strategy that has since generated substantial returns.
CMOC overtook Glencore as the world’s largest cobalt producer in 2023 and has held that position since. In FY 2025, cobalt output reached 117,500 tonnes against guidance, representing a 107% completion rate. Copper production of 741,100 tonnes exceeded guidance and marked a company record. The company has set a long-term copper production target of 800,000 to 1,000,000 tonnes annually.
The DRC introduced a cobalt export quota system in Q4 2025. CMOC’s DRC operations hold allocated quotas under the ARECOMS regime, which sets a sector-wide limit of 87,000 tonnes per year for 2026–2027. How this quota framework evolves will be a key variable for global cobalt prices and supply availability over the next two years.
Niobium, Molybdenum and Diversification
CMOC Brasil operates in Brazil as the world’s second-largest niobium producer and the second-largest phosphate fertiliser producer in that country. Niobium output reached 10,348 tonnes in FY 2025 — a record — against 103% of guidance. Phosphate fertiliser production was 1.2135 million tonnes, also above guidance at 106%.
Molybdenum output was 13,906 tonnes and tungsten reached 7,114 tonnes, both above guidance. Niobium is a critical input for high-strength steel and aerospace superalloys, and CMOC’s Brazilian position gives the group meaningful exposure to a market largely outside China’s sphere of processing dominance.
The Lumina Gold acquisition marks CMOC’s entry into gold production, diversifying revenue away from battery materials — a deliberate strategic shift at a time when cobalt prices remain well below their 2022 peak.
IXM Trading and the CMOC Business Model
IXM, a 100% CMOC subsidiary, functions as one of the world’s largest physical base metals trading companies. It handles marketing, logistics, and physical delivery for CMOC’s mine output, but also trades third-party metal, giving the group visibility across global commodity flows that extends well beyond its own production.
This integrated model — large-scale low-cost mining, wholly-owned trading infrastructure, and global logistics — compresses the value chain in a way that pure-play miners or pure-play traders cannot replicate. For buyers, it means CMOC can offer scale and delivery reliability that few counterparties can match. For Western supply chain planners, it also concentrates significant market influence in a single Chinese state-adjacent entity.
CMOC Cobalt Copper — Risks and Supply Chain Implications
CMOC’s operational performance is among the strongest in the mining industry. Its financial metrics — record profit for five consecutive years, total assets exceeding RMB 200 billion, net operating cash flow of RMB 20.8 billion — reflect genuine operational excellence.
The supply chain risks are equally real and should not be discounted. DRC operations carry persistent exposure to resource nationalism, infrastructure constraints, and the evolving export quota regime. The DRC government’s quota framework is a new variable that could tighten or redirect cobalt supply flows at relatively short notice.
Chinese state-adjacent ownership through Luoyang Mining Group creates regulatory and reputational complexity for Western counterparties, particularly those with supply chain due diligence obligations under the EU Battery Regulation, US IRA sourcing rules, or UK Critical Minerals Strategy frameworks. CMOC’s DRC production feeds predominantly into Chinese battery supply chains — a flow that has intensified as China’s domestic battery manufacturing capacity has expanded.
For Western procurement teams and investors, CMOC is both the single most important cobalt supply node in the world and the clearest illustration of why African critical minerals supply chains carry structural concentration risk. Understanding CMOC is not optional for anyone tracking the cobalt or copper markets.
Company Snapshot
| Detail | Data |
|---|---|
| Founded | 2006 (CMOC Group restructured); DRC acquisitions 2016, 2021 |
| Headquarters | Beijing, China |
| Stock listing | HKEX: 3993 / Shanghai: 603993 |
| Largest shareholder | Luoyang Mining Group (state-owned enterprise) |
| Primary minerals | Cobalt, copper, niobium, molybdenum, tungsten, gold |
| Key assets | TFM (DRC), KFM (DRC), CMOC Brasil, IXM trading |
| FY 2025 revenue | RMB 206.7 billion (~$28.5 billion) |
| FY 2025 net profit | RMB 20.3 billion (~$2.8 billion), up 50.3% YoY |
| FY 2025 cobalt output | 117,500 tonnes (world’s largest) |
| FY 2025 copper output | 741,100 tonnes (top 5 globally) |
Is CMOC the world’s largest cobalt producer?
Yes. CMOC has been the world’s largest cobalt producer since 2023, when it overtook Glencore. In FY 2025, CMOC produced 117,500 tonnes of cobalt — 107% of its own production guidance — primarily from the Tenke Fungurume and Kisanfu mines in the Democratic Republic of Congo.
Where does CMOC mine cobalt?
CMOC’s cobalt production comes primarily from two DRC operations: Tenke Fungurume Mine (TFM), the fifth-largest copper mine globally, and Kisanfu Mine (KFM), the world’s largest cobalt mine by resource. Both were acquired from Western miners — TFM from Freeport-McMoRan in 2016 and KFM from BHP in 2021.
What is CMOC’s relationship with the Chinese government?
CMOC’s largest shareholder is Luoyang Mining Group, a Chinese state-owned enterprise. This gives the company strategic alignment with Chinese state objectives, though CMOC is separately listed on the Hong Kong and Shanghai stock exchanges and operates as a commercial entity. The ownership structure is a material consideration for Western buyers assessing supply chain exposure under EU, US, or UK critical minerals frameworks.
What is CMOC’s copper production target?
CMOC produced 741,100 tonnes of copper in FY 2025, a company record that placed it among the top five global copper producers. The company has set a long-term production target of 800,000 to 1,000,000 tonnes of copper annually.
What is IXM and how does it relate to CMOC?
IXM is a 100%-owned CMOC subsidiary and one of the world’s largest base metals trading companies. It markets and physically trades CMOC’s mine output alongside third-party metal, handling logistics and delivery globally. IXM gives CMOC an integrated trading capability that extends its market influence beyond its own production volumes.
