China Molybdenum's copper output in the Congo (DRC) project was 182,600 tons and cobalt output was 15,400 tons
China Molybdenum (603993) disclosed its 2020 annual report. The company achieved operating income of approximately RMB 113 billion in 2020, of which IXM contributed approximately RMB 103.4 billion in revenue this year. The company's annual profit before interest, tax, depreciation and amortization was approximately RMB 8.99 billion, and operating net cash flow was approximately RMB 8.492 billion; net profit attributable to the parent company was approximately RMB 2.329 billion, of which IXM contributed RMB 7.72 to the parent's net profit 100 million yuan; the board of directors recommends an annual dividend of approximately 711 million yuan (including tax) to shareholders.
Statistics show that China Molybdenum is one of the world's largest scheelite producers and the second largest producer of cobalt and niobium, as well as the world's top seven molybdenum producers and leading copper producers.
In 2020, China Molybdenum's Congo (DRC) copper and cobalt production will be 182,597 tons and 15,436 tons respectively; China's production of molybdenum and tungsten will be 13,780 tons and 8,680 tons respectively; Brazil's niobium and phosphorus production will be 9,300 tons and 1.09 million tons, respectively ; Australian NPM (80% equity) copper and gold output were 26,997 tons and 20,897 ounces. IXM realized 2.74 million tons of mineral metal physical trade (sales volume) and 2.6 million tons of refined metal physical trade (sales volume).
In terms of net profit, the copper and cobalt business contributed the most to the net profit of China Molybdenum. Its TFM copper-cobalt mine in the Congo (DRC) achieved a net profit of 985 million yuan last year, accounting for 42.3% of the net profit attributable to the parent. The output of copper and cobalt About 181,600 tons and 15,400 tons respectively. The second largest contribution to net profit is Exon Metal Trading (IXM), a trading platform of China Molybdenum. Last year, IXM’s net profit attributable to its parent was 772 million yuan, setting the best performance in history and contributing more than 33% to China Molybdenum. % Of net profit.
China Molybdenum predicts in its annual report that in 2021, the global cobalt market will maintain a balance as both supply and demand recover. On the supply side, new and expansion projects have stabilized and increased volume, but the impact of the epidemic on logistics and transportation may be repeated. On the demand side, the European new energy vehicle market is expected to grow strongly under carbon emission requirements, and North America is also increasingly attaching importance to the development of clean energy. The Chinese market is facing the expansion of the market share of lithium iron phosphate batteries in the short term, which will help the popularization of electrification. However, the continuous listing of models equipped with nickel-cobalt-manganese ternary high-energy-density batteries is still a long-term development route. In addition, consumer electronics benefited from the popularization of 5G base stations and the expansion of the new consumer electronics market. During the 14th Five-Year Plan period, China's energy storage market demand prospects are also very promising, and there is still room for mid- to long-term cobalt prices to rise.
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Since July 24th, IXM is fully owned by the CMOC group (China Molybdenum). CMOC is listed on the Hong Kong and Shanghai Stock Exchanges, it is the largest Tungsten producer in the world, second largest of Cobalt and Niobium and is a leading Copper and Molybdenum producer worldwide. IXM previously focusing on base metals starts merchandising specialty metals such as Niobium, Cobalt and Tungsten.
