CMOC's Q1 moly output declines by 4% YoY, but sector revenue rises 5%

Its production target for 2025 stays between 12,000-15,000 tonnes, Mysteel Global notes from CMOC's 2024 annual report.

Despite that, its operating revenue for the moly sector increased during the first three months, up by 5.1% on year to reach Yuan 1.35 billion ($185 million) partly thanks to better molybdenum sales.

Over January-March, the company's molybdenum sales in 100% moly content came in at 3,438 tonnes, posting a slight rise of 0.9% compared with the same period last year, the quarterly report showed.

During the first quarter, the average prices for both moly concentrates and ferromolybdenum (FeMo) stayed above their year-ago levels, also contributing to the company's better financial performance, Mysteel Global learned.

For example, the quarter average price of moly concentrates with 45% moly content in Central China's Henan province registered Yuan 3,505/mtu including the 13% VAT, rising by 5.6% on year, and that of 60% FeMo in Northeast China's Liaoning, a major production hub in the country for the noble alloy, was also higher by 2.4% on year at Yuan 224,855/t including the 13% VAT, according to Mysteel's assessment.

CMOC's other business sectors, including copper, cobalt, tungsten, niobium and phosphate fertilizers, also performed well in the first quarter, driving a substantial 90.5% on-year surge in its net profit to Yuan 3.95 billion, according to the quarterly report.

Written by Nancy Zheng, zhengmm@mysteel.com

Edited by Alyssa Ren, rentingting@mysteel.com