China Molybdenum Co. Ltd. (CMOC), a leading mining company, has achieved a remarkable milestone in 2024, with its operations at Tenke Fungurume Mining (TFM) and Kisanfu Mining (KFM) in the Democratic Republic of Congo (DRC) playing a key role in the company’s record growth. These achievements further cement CMOC’s position among the world’s top producers of strategic metals.
The company reported a 64% increase in net profit attributable to shareholders, reaching USD 1.9 billion, while revenue grew by 14.37% to USD 29.85 billion. CMOC also saw an impressive 108.38% surge in operating cash flow, which climbed to USD 4.54 billion, underscoring the strength and resilience of its business model. Its metals trading arm, IXM, also posted strong results, with net profit rising by 48% to USD 189.6 million.
DRC Operations Drive Production Surge
CMOC’s significant growth in copper and cobalt production was driven primarily by its Congolese assets. In 2024, the company produced:
- 650,161 tonnes of copper (+55%), positioning it among the world’s top 10 copper producers.
- 114,165 tonnes of cobalt (+106%), further reinforcing its leadership in this critical battery metal.
- 10,024 tonnes of niobium (+5%), 15,396 tonnes of molybdenum, and 8,288 tonnes of tungsten.
The TFM Mixed Ore Project successfully met both production and quality targets on schedule, while continued exploration at the TFM and KFM sites signals long-term growth potential.
Sustainability Initiatives and Infrastructure Investments
In 2024, CMOC advanced its sustainability goals by securing a contract for the 200 MW Heshima Hydroelectric Project in the DRC. This project aims to enhance local infrastructure and strengthen regional energy security.
The company also reported creating USD 26.77 billion in value for the global economy and invested USD 40.92 million in community development, underscoring its commitment to responsible and inclusive growth.
Strategic Positioning in the Green Energy Transition
CMOC’s performance in 2024 highlights its strategic role in the global transition to clean energy. Its dominance in copper and cobalt, essential components for electric vehicle batteries, positions the company at the heart of the green energy supply chain.
However, CMOC faces challenges, including potential risks from geopolitical tensions between the U.S. and China, as well as increasing global demands for traceability and ethical sourcing. Analysts emphasize the need for the company to maintain transparency, environmental responsibility, and high operational standards to secure its long-term prospects.
With impressive financial results, expanded production capacity, and continued investments in infrastructure and community development, CMOC has solidified its position as a key player in the global mining sector and a vital contributor to the economic development of the Democratic Republic of Congo.
