CMOC Group

CMOC Group Limited, commonly known as CMOC, is a Chinese mining and metals-trading company headquartered in Henan. It originated as a state-owned molybdenum enterprise established in 1969 in Luanchuan County, an area associated with major molybdenum deposits. Over time, the company expanded from domestic molybdenum and tungsten mining into a diversified international resources group with interests in copper, cobalt, niobium, phosphate and precious metals. The company’s Chinese operations include the Sandaozhuang molybdenum-tungsten mine, the Shangfanggou molybdenum-iron mine and the Donggebi molybdenum mine. Its international expansion accelerated after its 2013 acquisition of an interest in Australia’s Northparkes copper-gold mine, its 2016 purchase of Brazilian niobium and phosphate assets from Anglo American, and its 2016 acquisition of an 80% interest in the Tenke Fungurume copper-cobalt mine in the Democratic Republic of the Congo. CMOC later acquired a majority interest in the Kisanfu copper-cobalt project and increased its presence in the battery-metals supply chain through a partnership with Contemporary Amperex Technology. Cobalt became central to the group’s global profile because of its exposure to large Congolese copper-cobalt operations. The company has described itself as one of the world’s leading producers of molybdenum, tungsten, cobalt, niobium and copper. Its commodities are used in steel alloys, superalloys, electronics, batteries, construction, chemicals and industrial equipment. The group also owns IXM, an international metals-trading business based in Geneva, which handles a range of base and battery metals including copper, zinc, aluminium, nickel, cobalt, niobium and lithium. CMOC has been listed in Hong Kong since 2007 and in Shanghai since 2012. In 2022, it changed its corporate name from China Molybdenum Company Limited to CMOC Group Limited, reflecting its broader portfolio beyond molybdenum. The group’s growth has been accompanied by governance and stakeholder disputes, notably a disclosure sanction concerning a Chinese acquisition and a prolonged royalty disagreement with the Democratic Republic of the Congo over Tenke Fungurume. The latter was resolved in 2023, enabling exports to resume. CMOC remains an active, globally diversified mining company. Its strategic profile combines ownership and operation of large-scale mines, mineral processing, smelting and international commodity trading. The company’s principal challenges include commodity-price volatility, permitting and environmental obligations, supply-chain scrutiny, geopolitical exposure, labor and community relations, and the governance risks associated with operating in multiple resource-producing jurisdictions.

CMOC Group was established in 1999 in Luoyang, Henan, where molybdenum mining and processing formed an important part of the local industrial economy. The company developed from a domestic resource business into an integrated mining group with activities covering extraction, beneficiation, smelting, processing and mineral marketing. Its original focus on molybdenum was later supplemented by tungsten, copper, cobalt, niobium, phosphate and gold. The company’s public-market development began with a Hong Kong listing in 2007, followed by a Shanghai listing in 2012. Dual-market access supported expansion and increased the company’s ability to pursue large overseas transactions. CMOC’s strategy shifted decisively toward international diversification during the 2010s. In 2016, it acquired a controlling interest in the Tenke Fungurume copper-cobalt operation in the Democratic Republic of the Congo and bought the Chapada copper-gold mine in Brazil. These transactions gave the group significant exposure to large-scale copper production and to cobalt, a metal with important battery and industrial applications. CMOC’s Australian business includes the Northparkes copper-gold mine in New South Wales, operated through a joint venture with Sumitomo. The company also maintains important Brazilian niobium and phosphate activities. In 2020, it agreed to acquire an additional interest in the Kisanfu copper-cobalt project in the Democratic Republic of the Congo. Kisanfu increased the strategic importance of CMOC’s Congo portfolio and supported its longer-term ambition to expand copper and cobalt production. The Congo operations have also generated governance and regulatory challenges. In 2022, the authorities in the Democratic Republic of the Congo restricted exports from Tenke Fungurume during a disagreement involving royalties, reserves and related contractual matters. The dispute was subsequently addressed through negotiations and a revised arrangement, after which exports resumed in 2023. The episode highlighted the political, fiscal and operating risks associated with large overseas mining assets, while also underscoring the importance of host-government relationships and transparent resource reporting. In the 2020s, CMOC positioned itself as one of the world’s significant producers of copper and cobalt while retaining its Chinese molybdenum and tungsten base and its Brazilian niobium and phosphate businesses. Its growth has been supported by capacity expansion, mine development, processing improvements and a focus on metals linked to electrification and infrastructure. The group continues to operate in a highly cyclical sector, where commodity prices, production guidance, environmental requirements, labor conditions, logistics, local taxation and community relations can materially affect results. CMOC is not primarily a retail-facing brand. Its customers are industrial users, processors, smelters, traders and other businesses that purchase concentrates, refined products and mineral inputs. The company’s public identity is consequently tied to its resources, production volumes, operating jurisdictions, financial-market listings and sustainability performance rather than to consumer advertising. Its present business profile is that of a Chinese-controlled, internationally diversified mining and metals group with a particularly prominent position in copper and cobalt.

1. 2023Congo export dispute resolved

   Following negotiations with the Democratic Republic of the Congo, the Tenke Fungurume royalty and export dispute was resolved and cobalt exports resumed.

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2. 2020Kisanfu acquisition

   CMOC acquired an additional interest in the Kisanfu copper-cobalt project in the Democratic Republic of the Congo.

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3. 2016International copper and gold expansion

   CMOC acquired a controlling interest in Tenke Fungurume Mining in the Democratic Republic of the Congo and acquired the Chapada copper-gold mine in Brazil.

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4. 2012Shanghai listing

   CMOC completed a listing on the Shanghai Stock Exchange.

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5. 2007Hong Kong listing

   The company listed its shares on the Hong Kong Stock Exchange, expanding access to international capital.

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6. 1999Company established

   CMOC was established in Luoyang, Henan, with roots in the region’s molybdenum mining and processing industry.

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A diversified, internationally active mining and metals group with particular strength in copper and cobalt, supported by established molybdenum, tungsten, niobium, phosphate and gold businesses.

• CopperBase metals

  Copper is CMOC’s most strategically important product line. The group produces copper concentrate and related copper-bearing materials from operations including Tenke Fungurume in the Democratic Republic of the Congo, Northparkes in Australia and Chapada in Brazil. Copper serves electrical, construction, infrastructure, transport and industrial markets.

• CobaltBattery and specialty metals

  Cobalt is principally associated with CMOC’s Democratic Republic of the Congo operations. The company produces cobalt-bearing intermediate materials, including cobalt hydroxide, which are supplied into industrial and battery-material value chains. Cobalt production is subject to heightened scrutiny concerning traceability, labor conditions and responsible sourcing.

• MolybdenumAlloying metals

  Molybdenum is the company’s historic core commodity. CMOC mines and processes molybdenum in China and supplies molybdenum concentrates and processed products used mainly in alloy steels, stainless steels, energy equipment and other high-performance industrial applications.

• TungstenSpecialty metals

  CMOC’s tungsten business produces tungsten-bearing materials used in hard metals, cutting tools, wear-resistant components and other industrial applications. Tungsten complements the company’s molybdenum portfolio and reinforces its position in China’s specialty-metals sector.

• NiobiumAlloying metals

  The company’s Brazilian niobium business supplies niobium products used primarily in high-strength and specialty steels. Niobium can improve strength and performance at relatively low addition rates, making it important to steelmakers and infrastructure-related industries.

• PhosphateAgricultural materials

  CMOC’s phosphate operations produce phosphate-based fertilizer and related mineral products for agricultural markets. This business provides exposure to fertilizer demand alongside the group’s metals activities.

• 2023Resolve Tenke Fungurume royalty and export disputeStrategy

  The Democratic Republic of the Congo had restricted exports from Tenke Fungurume during a dispute concerning royalties, reserves and contractual arrangements.

  What changed. CMOC and the Congolese authorities reached a revised arrangement covering the disputed matters.

  Aftermath. Cobalt exports resumed, allowing the operation to return to normal international sales while highlighting the political and regulatory risks of the asset.

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• 2020Acquire additional Kisanfu interestM&A

  CMOC aimed to strengthen its long-term copper and cobalt resource position in the Democratic Republic of the Congo.

  What changed. CMOC acquired an additional interest in the Kisanfu copper-cobalt project from Freeport-McMoRan.

  Aftermath. Kisanfu became an important part of CMOC’s future copper-cobalt growth pipeline.

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• 2016Acquire control of Tenke Fungurume MiningM&A

  CMOC sought to expand beyond its Chinese molybdenum and tungsten base and obtain large-scale copper and cobalt resources.

  What changed. The company acquired a controlling interest in Tenke Fungurume Mining in the Democratic Republic of the Congo.

  Aftermath. The transaction made copper and cobalt central to CMOC’s international growth strategy and materially increased its overseas operating footprint.

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• 2016Acquire Chapada copper-gold mineM&A

  CMOC pursued geographic and commodity diversification through an acquisition in Brazil.

  What changed. The company acquired the Chapada copper-gold mine from Yamana Gold.

  Aftermath. The acquisition added a producing copper-gold asset in Brazil to CMOC’s international portfolio.

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• 2022Tenke Fungurume royalty disputeControversy

  CMOC became involved in a dispute with the Democratic Republic of the Congo and state-owned Gécamines concerning the royalty and ownership economics of Tenke Fungurume. The dispute affected mineral exports until an agreement was reached in 2023.

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• 2010Hong Kong disclosure sanctionControversy

  The Hong Kong Stock Exchange sanctioned the company over failure to disclose a subsidiary acquisition in a timely manner.

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• 2025Liu Jianfeng elected chairman

  Liu Jianfeng became chairman after Yuan Honglin resigned from the position.

  Leadership change
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• 2023Dispute over royalties and exports at Tenke Fungurume is resolved

  A prolonged dispute between CMOC and the Democratic Republic of the Congo concerning royalties, reserves and export arrangements was resolved through a revised agreement that enabled the resumption of cobalt exports.

  RegulationOther
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• 2023Tenke Fungurume royalty dispute reaches agreement

  CMOC and the Democratic Republic of the Congo reached an agreement concerning royalties and the interests of state-owned Gécamines, allowing mineral exports from Tenke Fungurume to resume.

  RegulationOther
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• 2023CMOC sells Northparkes interest to Evolution Mining

  CMOC disposed of its entire interest in the Australian Northparkes copper-gold mine to Evolution Mining.

  M&A
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• 2022CMOC changes corporate name to CMOC Group Limited

  The company adopted the CMOC Group Limited name, reflecting its expansion beyond its historical molybdenum focus.

  Other
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• 2020CMOC acquires Kisanfu copper-cobalt project interest

  The company acquired an additional interest in the Kisanfu project in the Democratic Republic of the Congo from Freeport-McMoRan, reinforcing its copper-cobalt resource base.

  M&A
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• 2016CMOC acquires a controlling interest in Tenke Fungurume Mining

  The acquisition of a controlling stake in the Democratic Republic of the Congo copper-cobalt operation transformed CMOC into a substantially larger international base-metals producer.

  M&A
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• 2016CMOC completes acquisition of the Chapada copper-gold mine

  CMOC acquired the Chapada mine in Brazil from Yamana Gold, expanding its international copper and gold exposure.

  M&A
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1. CMOC Group official website
2. China Molybdenum
3. Hong Kong Stock Exchange
4. Shanghai Stock Exchange
5. Reuters report on resumed Congo cobalt exports
6. Tenke Fungurume特许权使用费纠纷