CMOC Group

What CMOC Group does

CMOC Group Ltd. (China Molybdenum Co., Ltd.; HKEX: 3993) is a China-headquartered mining and metals conglomerate that produces copper, cobalt, molybdenum, tungsten, and—following its January 2026 acquisition of Equinox Gold's Brazilian assets—gold. The company's flagship operation is the Tenke Fungurume Mining (TFM) complex in the Democratic Republic of Congo, a joint venture with state-owned Gécamines that produced 519,000 tons of copper in 2025 (approximately 15% of Congo's total output) and anchors CMOC's participation in approximately 80% of Congo's cobalt production capacity alongside Zijin Mining and Huayou Cobalt. The company also holds the Kisanfu copper-cobalt project, the newly acquired Aurizona/RDM/Bahia gold mines in Brazil, the $420 million Lumina Gold acquisition in Ecuador, and a Papua New Guinea bid position.

CMOC monetizes its mined output primarily through one-time commodity sales priced off global benchmarks (LME copper, cobalt spot, gold spot), with revenue concentrated in copper concentrate and cathode, cobalt, gold, molybdenum, and tungsten products. Distribution is handled principally through IXM Holding SA, CMOC's wholly-owned Swiss metals trading subsidiary, which moves approximately 4.7 million tons of metals annually and provides market access, price risk management, and logistics. Sales channels also include direct enterprise contracts with industrial buyers and government-to-government agreements under strategic minerals frameworks (DRC-to-US copper exports via Mercuria Energy Group; China-DRC comprehensive mining cooperation framework effective May 2026). GTM motion is enterprise field sales targeting government entities and industrial buyers globally.

The corporate base is in Luoyang, Henan Province, with operating geographies spanning Central Africa (DRC), South America (Brazil, Ecuador), and Southeast Asia (Papua New Guinea). Capital structure is anchored by a $1.2 billion zero-coupon convertible bond issued in January 2026 (the largest such deal on HKEX in five years) and an upgrade to Hang Seng Index membership in March 2026, following a 251% year-to-date share price surge in 2025 that made CMOC the top-performing Chinese mining equity that year. The company is exposed to regulatory and operational risks including DRC local ownership and export quota rules, a Brazilian legal dispute over the Bahia Complex concession, and a June 2026 TFM worker strike.

Name

CMOC Group

Legal name

CMOC Group

Website

https://cmocgroup.com

Company type

Public

Operating status

Operating

Short description

CMOC Group is a China-headquartered mining and metals conglomerate that produces copper, cobalt, gold, molybdenum, and tungsten from operations in the Democratic Republic of Congo, Brazil, and other jurisdictions, distributing globally through its IXM metals trading subsidiary.

Ownership category

akta.pro rank

Headquarters

HQ city

Luoyang

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Others

Revenue model

1. Copper Production and Sales: CMOC generates primary revenue from mining and selling copper concentrate and cathode copper from its Tenke Fungurume mine in DRC, which produced 519,000 tons of copper in 2025, representing approximately 15% of Congo's total copper output.
2. Cobalt Production and Sales: The company maintains elevated cobalt production to capture battery metals market share, with Chinese companies including CMOC controlling approximately 80% of Congo's cobalt production capacity. Cobalt prices have surged from ~$21,000/tonne in early 2025 to over $56,000 due to DRC export quotas.
3. Gold Mining and Sales: Following the $1.015 billion acquisition of Equinox Gold's Brazilian operations (Aurizona, RDM, and Bahia Complex), CMOC increased its gold production capacity to 8 tonnes annually, marking a shift into precious metals.
4. Metals Trading via IXM: CMOC's IXM Holding SA subsidiary operates as a global metals trading house, handling traded volumes of approximately 4.7 million tons annually. IXM trades copper, refined metals, and other commodities, with parent CMOC describing 2025 results as outstanding performance despite 15% volume decline.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

CMOC Group is a China-based mining and metals conglomerate that produces copper, cobalt, molybdenum, tungsten, and gold from large-scale mining operations, most notably the Tenke Fungurume Mining (TFM) complex in the Democratic Republic of Congo. The company recently expanded into gold through the acquisition of Brazilian mining operations and distributes its products globally through its wholly-owned IXM metals trading subsidiary.

Product overview

CMOC Group (China Molybdenum Co., Ltd.) is a China-based mining and metals conglomerate engaged in the production and processing of copper, cobalt, gold, and other mineral resources. The company operates primarily through its Tenke Fungurume Mining (TFM) subsidiary in the Democratic Republic of Congo, one of the world's largest copper and cobalt mines. CMOC has been expanding its portfolio through acquisitions, including the acquisition of Brazilian gold mining operations (Aurizona mine, RDM mine, and Bahia Complex) from Equinox Gold for approximately $1 billion, which increased its gold production capacity to 8 tonnes annually. The company also controls operations including the Kisanfu project and has interests in Papua New Guinea through competitive bidding for the Panguna copper mine redevelopment. CMOC Group is listed on the Hong Kong Stock Exchange and was added to the Hang Seng Index in March 2026. The company also operates the metals trading house IXM, which trades approximately 4-4.5 million tons of metals annually.

Differentiator

Problem solved

Functional benefit

Products and services

• Tenke Fungurume Mining (TFM) A world-class copper and cobalt mine located in the Democratic Republic of Congo, jointly operated by CMOC Group and DRC state-owned Gécamines. Produced approximately 519,000 tons of copper in 2025, representing approximately 15% of Congo's total copper output and one of the world's largest copper-cobalt operations.
• Kisanfu Copper-Cobalt Project A copper-cobalt mining project in the Democratic Republic of Congo operated by CMOC Group alongside other Chinese companies including Zijin Mining and Huayou Cobalt, contributing to Chinese firms' control of approximately 80% of Congo's cobalt production capacity.
• IXM Metals Trading A global metals trading house wholly owned by CMOC Group, headquartered in Switzerland, trading approximately 4.7 million tons of metals annually including copper, refined metals, and other commodities. Provides market access, price risk management, and global distribution for CMOC's mined products and third-party commodity flows.
• Aurizona Gold Mine (Brazil) A gold mine in Brazil acquired from Equinox Gold as part of a $1.015 billion transaction that closed on January 23, 2026, contributing to CMOC's expanded gold production capacity of 8 tonnes annually.
• RDM Gold Mine (Brazil) A gold mine in Brazil acquired from Equinox Gold as part of the $1.015 billion transaction completed on January 23, 2026, contributing to CMOC's gold production capacity of 8 tonnes annually.
• Bahia Complex (Brazil) A gold mining complex in Brazil acquired from Equinox Gold as part of the $1.015 billion transaction completed on January 23, 2026, which became subject to a legal dispute with Brazilian state company Companhia Baiana de Produção Mineral (CBPM).

Quantifiable outcome

• 519,000 tons copper produced in 2025
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered flagship, core and minor.

• China Government (China-DRC Framework)flagshipStrategic or Co-development Partner · 1 March 2026China and DRC signed comprehensive mining cooperation framework in March 2026 establishing geological data sharing protocols, investment protections, local processing requirements, and duty-free market access effective May 2026. MIFOR iron ore development designated as priority project. CMOC Group is a key Chinese partner alongside Zijin Mining and Huayou Cobalt, collectively controlling 80% of Congo's cobalt production.
• Mercuria Energy GroupcoreGTM or Marketing Partner · 1 January 2026Mercuria Energy Group partnered with CMOC and DRC government for shipping 100,000 metric tons of copper from Tenke Fungurume mine to the United States. This partnership operationalizes the US strategic minerals partnership signed alongside a US-mediated peace deal with Rwanda, facilitating direct copper exports from Chinese-operated mines to the American market.
• Lumina Gold (Acquisition)minorOthers · 1 January 2025CMOC Group completed $420 million acquisition of Lumina Gold as part of growing major-company conviction in Ecuadorian porphyry assets. This follows Jiangxi Copper's $1.2 billion SolGold acquisition, demonstrating Chinese miners' expansion into Latin American copper-gold resources.
• Gécamines SAflagshipStrategic or Co-development PartnerGécamines, the DRC state-owned mining company, is the joint venture partner in Tenke Fungurume Mining (TFM). Under the 2023 agreement, Gécamines can acquire 20% of production from TFM. Gécamines holds ~25% stake in the TFM joint venture while CMOC operates the mine. The partnership is central to DRC's strategy of consolidating control over mining revenue.
• Equinox Gold CorpflagshipOthersCMOC completed acquisition of Equinox Gold's Brazilian mining operations (Aurizona mine, RDM mine, and Bahia Complex) for $1.015 billion in January 2026. The $900 million immediate cash payment with $115 million contingent payment due January 2027 marks CMOC's expansion into gold mining and South American operations, increasing gold production capacity to 8 tonnes annually.
• IXM Holding SAcoreTechnology or IntegrationIXM Holding SA is CMOC Group's wholly-owned metals trading subsidiary based in Switzerland. IXM handles global commodity trading with ~4.7 million tons annual traded volumes, providing market access, price risk management, and distribution for CMOC's copper, cobalt, and other metal products. Parent CMOC described IXM's 2025 performance as outstanding despite 15% volume decline.
• Glencore plcminorStrategic or Co-development PartnerGlencore is noted as a competitor in Congo's copper and cobalt sector alongside CMOC. Both companies are adjusting strategies in response to DRC government quotas and local ownership requirements, with Glencore prioritizing copper over cobalt while CMOC maintains elevated cobalt output.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Anglo American: Global diversified miner with major copper (Quellaveco, Los Bronces) and precious-metals exposure. Comparable to CMOC's diversified copper-gold strategy but at substantially larger scale across multiple geographies and commodities.
• Jiangxi Copper: China's largest integrated copper producer, with mining, smelting, and downstream operations. Comparable as a Chinese state-linked copper incumbent; recent SolGold acquisition demonstrates the same expansion strategy into Latin American copper-gold assets pursued by CMOC.
• Vale SA: Brazilian-headquartered diversified miner with substantial copper and gold production alongside iron ore. Comparable to CMOC in copper-gold product mix and South American operating footprint following CMOC's Brazilian acquisitions from Equinox.
• BHP Group: World's largest diversified miner with significant copper exposure (Escondida, Pampa Norte) and growing battery-metals positioning. Comparable to CMOC as a copper-focused major with critical-minerals narrative, though operating at materially larger scale and broader commodity breadth.

Direct peers

• Huayou Cobalt: Chinese cobalt and battery-materials producer operating the Kisanfu project in the DRC alongside CMOC. Most directly comparable peer on the cobalt side of CMOC's business, with overlapping downstream EV/battery supply-chain exposure.
• Freeport-McMoRan: One of the world's largest copper producers with significant gold and cobalt byproducts, operating large-scale open-pit and underground mines. Highly comparable to CMOC's TFM operation in terms of mine scale, copper-gold product mix, and exposure to global commodity prices.
• First Quantum Minerals: Copper-focused miner with major African operations (including Sentinel in Zambia and Cobre Panama), producing copper and cobalt. Comparable to CMOC in copper-cobalt product mix and emerging-market operating exposure, though more copper-weighted.
• Glencore plc: Major diversified miner with significant copper and cobalt operations in the DRC (e.g., Mutanda, KCC) and a large global metals trading arm. Directly competes with CMOC for Congo copper-cobalt volumes and is adjusting strategy in response to the same DRC export quotas and local ownership rules that affect CMOC.
• Antofagasta plc: Copper-focused miner operating four mines in Chile (Los Pelambres, Centinela, Antucoya, Zaldivar). Highly comparable to CMOC's pure-play copper production profile, though without the DRC jurisdictional and cobalt exposure.
• Zijin Mining: Chinese mining major that, together with CMOC and Huayou Cobalt, controls roughly 80% of Congo's cobalt production. Directly comparable in business model (Chinese-listed, copper-gold-cobalt producer) and in geographic footprint (DRC operations via joint ventures).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CMOC Group