CMOC Posts Record Net Profit on Copper Rally and Gold Acquisition
CMOC, a leading copper and cobalt producer, reported a record net profit of 16.15 billion yuan ($2.4 billion) in the first half of 2026, beating full-year 2024 levels and approaching 80% of its 2025 profit.
The company's revenue rose by 42.78% year-over-year to 135.32 billion yuan ($20.2 billion), driven primarily by a copper price rally and increased production volumes.
Copper was the standout performer, with output increasing by 9.73% year-over-year to 388,000 tonnes, while sales rose by 16.60%. The segment's gross margin expanded by 9.25 percentage points to 62.88%, driven by both higher prices and volumes.
Cobalt production, however, was constrained by Democratic Republic of Congo export quotas, leading to a sharp decline in sales volume of 87.60% year-over-year. Despite this, cobalt prices surged by 94.22%, lifting the segment's gross margin to 83.16%. The company now holds an inventory of 168,400 tonnes of cobalt, which it hopes to monetize in the second half.
The company also made significant strides in its gold business, acquiring four Brazilian mines in January and contributing revenue of 3.02 billion yuan ($449.5 million) in the first half.