CMOC Posts Stellar Q1 2026 Results Driven by Commodity Boom and Strategic Layouts

Luoyangchuan Molybdenum Group Co., Ltd., commonly known as CMOC, released its 2026 first-quarter report on the evening of April 24, revealing remarkable growth across key financial indicators that reflect the company’s robust operational strength amid a favourable industry cycle.

During the reporting period, CMOC achieved an operating income of 66.403 billion yuan, a year-on-year increase of 44.34%; the net profit attributable to shareholders of listed companies reached 7.76 billion yuan, soaring 96.65% year-on-year; and the net operating cash flow stood at 11.329 billion yuan, a dramatic year-on-year surge of 762.3%. It marked the second consecutive quarter that the company’s single-quarter profit hit a record high following the fourth quarter of last year.

Song Xiangqing, Vice President of the China Commercial Economics Society, told Securities Daily that CMOC’s outstanding Q1 performance was not a short-term coincidence, but the result of multiple drivers including superior resource endowments, alignment with industry cycle trends, long-term strategic layouts and efficient operational capabilities. “The company’s development structure is continuously optimised, steadily stepping into a new stage with more stable growth and better structure,” he noted.

A relevant person in charge of CMOC explained to Securities Daily that the sharp profit growth was mainly supported by stable output of core products such as copper and rising commodity prices. London Metal Exchange copper prices climbed significantly year-on-year, fluctuating between 11,000 and 14,000 US dollars per ton in Q1 2026, compared with an average of 9,240 US dollars per ton in the same period last year. Meanwhile, tungsten prices surged year-on-year, and the newly added gold production capacity also contributed to the strong performance.

The substantial growth in net operating cash flow, the person in charge added, was mainly due to the year-on-year increase in net inflows from operating activities of the basic metal trading business in the first quarter.

In terms of major products, CMOC produced 187,900 tons of copper in Q1, a year-on-year increase of 10.15%, with sales reaching 182,200 tons, up 47.11% year-on-year. Niobium output hit a new single-quarter high of 2,670 tons, a year-on-year rise of 2.06%. Phosphate fertilizer production and sales were 299,400 tons and 328,100 tons respectively, increasing by 7.14% and 42.85% year-on-year.

Notably, after completing the delivery of four gold mines in Brazil on January 23, gold was included in CMOC’s product portfolio for the first time, with an output of 43,027 ounces and sales of 36,292 ounces in the quarter. The gold mines, with considerable resources and mature processing technology, are expected to contribute steadily to the company’s profits.

CMOC’s “copper-gold dual-core” strategy continued to deliver results, with the copper and gold segments achieving operating incomes of 15.796 billion yuan and 1.202 billion yuan respectively, accounting for 70% of the company’s total mine-side operating income of 24.315 billion yuan. Benefiting from soaring tungsten prices, the tungsten segment’s operating income reached 1.958 billion yuan, a year-on-year jump of 292.9%.

To support long-term development, CMOC has deepened the construction of a platform-based organization, establishing a new Power Department to promote the implementation of projects such as African photovoltaic energy storage and the N’Zillo 2 Hydropower Station, ensuring long-term power supply for mining areas. It also issued 1.2 billion US dollars of one-year zero-coupon convertible bonds to broaden financing channels, and its TFM copper products obtained LME Class A registration, enabling direct participation in international non-ferrous metal futures and spot trading.

CMOC stated that it is moving beyond the stage of relying solely on resource acquisition and scale expansion, entering a new period of high-quality development that emphasizes both scale and capability, and is committed to building a modern mining platform with stable growth, outstanding capabilities, cross-cycle resilience and risk resistance.