CMOC (China Molybdenum Co Ltd) was established in the People’s Republic of China in 2006. CMOC is listed on the Hong Kong Limited Stock Exchange (HK3993-2007) and the Shanghai Stock Exchange (SH603993-2012).
CMOC’s major investors include Cathay Fortune Corporation and Luoyang Mining Group Co., Ltd., (aggregate holding approximately 63% equity). The remainder is publicly held via exchanges amongst shareholders in China, Hong Kong and the USA. CMOC has a market capitalisation of 77.24bnHKD (US$9.95bn).
CMOC is one of China’s largest molybdenum and tungsten producers. As the second largest producer of tungsten, CMOC produces just over 10 per cent of China’s annual tungsten concentrate production.
In May 2016, CMOC announced it entered into a definitive agreement with Freeport-McMoRan Copper and Gold Inc. to acquire an indirect interest in the copper-cobalt Tenke Fungurume Mine (TFM) located in the Democratic Republic of the Congo. TFM will bring to CMOC’s portfolio a scarce, world-class producing copper-cobalt mine with substantial upside.
The procurement of TFM will position CMOC in four leading mining jurisdictions: China, Australia, Brazil, and the Democratic Republic of Congo.