CMOC Shares Rise After Plan to Buy Brazilian Gold Mines for $1 Billion

By Jason Chau

Shares of CMOC Group rose after the Chinese mining giant said it is purchasing several Brazilian gold mines from Canada's Equinox Gold in a deal worth over US$1 billion.

Under the agreement, CMOC Group will purchase all interests in Equinox's Aurizona mine, RDM mine and two Bahia mines, the Chinese company said Monday.

The deal includes an upfront payment of US$900 million, plus a contingency payment of up to US$115 million based on the mines' sales volume in the first year after the transaction, which is expected to close in the first quarter of 2026.

CMOC's Shanghai-listed shares rose more than 4% in the morning session on Monday before closing 2% higher, while its Hong Kong-listed shares rose over 3% before ending the day 0.6% higher.

CMOC's shares have rallied this year, with its A-shares more than doubling year to date, while the H-shares have more than tripled, reflecting strong market enthusiasm for the Shanghai-based miner.

CMOC Chairman Liu Jianfeng said the deal "showcases our conviction in gold and delivers on our strategy of pillaring the portfolio on copper and gold." The transaction will also grow CMOC's presence in South America, he said.

"We expect the acquisition of gold mines in operation will enrich CMOC's current mining asset portfolio and further increase exposure in gold," Citi analysts said in a note.

Write to Jason Chau at jason.chau@wsj.com

By Megan Cheah

Shares of Chinese mining companies rose Thursday after copper prices hit a record high overnight amid mounting supply concerns.

Zijin Mining Group's Hong Kong stock climbed as much as 4.45% to 34.24 Hong Kong dollars, equivalent to US$4.40, in early trading before paring gains to about 2.0%. Its Shanghai-listed shares were 3.0% higher at midday.

Jiangxi Copper's shares in Hong Kong rose 2.0%, trimming an earlier gain of 5.0%, while its China stock added 3.1%. Hong Kong-listed MMG, which is majority owned by state-owned China Minmetals, was recently 0.9% higher after rising 6.0% earlier.

The advances came as copper--a crucial industrial metal used in electric vehicles and power grids--climbed to new highs on Wednesday, with the three-month contract on the London Metal Exchange surpassing US$11,500 a metric ton. The base metal was recently trading 0.2% higher.

Traders have been increasing shipments to the U.S. on fears that the Trump administration could impose new copper-related tariffs next year, squeezing supply in other markets. Disruptions at major mines worldwide have also led copper producers, such as European mining giant Glencore, to cut their production forecasts.

Rising expectations of a Federal Reserve rate cut in December are also supporting copper prices, as lower borrowing costs usually boost economic activity, increasing demand for the commodity.

Higher prices bode well for Chinese mining stocks, analysts said.

DBS Group Research analyst Lee Eun Young has Zijin Mining and MMG at the top of her sector pecking order, with buy ratings on both.

Copper is likely to make up 43% of Zijin Mining's projected gross profit this year, and the ample reserves could help drive a 28% earnings compound annual growth rate by 2027, she said. She also sees MMG as an ideal proxy for copper prices, as 74% of its revenue is derived from the metal.

Citi analysts led by Jack Shang maintained a buy rating on Zijin Mining, saying its copper assets appear undervalued. Among pure-play copper companies, the bank likes MMG over CMOC Group for its more attractive valuation.

Write to Megan Cheah at megan.cheah@wsj.com

Net profit attributable to shareholders surged 96.40% for the quarter and 72.61% for the nine-month period, driven by higher copper prices and volumes, despite a 5.99% decline in operating revenue. Major investments and operational milestones were achieved, including a new DRC project and top ESG ratings.

Original document: CMOC Group Limited Class A [603993] Earnings Release — Oct. 24 2025

H1 2025 saw record net profit of RMB8.67 billion (+60.07% YoY) on revenue of RMB94.77 billion, with all major product outputs exceeding mid-year targets. The group expanded into gold, maintained strong liquidity, and continued ESG leadership, while managing commodity, geopolitical, and financial risks.

Original document: CMOC Group Limited Class A [603993] Earnings Release — Aug. 22 2025

Record net profit rose 60% year-over-year to RMB8.67 billion, with strong copper and cobalt output and robust cash flow. All major segments exceeded production targets, and the company completed a strategic gold mine acquisition while maintaining top ESG ratings.

Original document: CMOC Group Limited Class A [603993] Earnings Release — Aug. 22 2025

Record net profit of RMB8.67 billion (up 60.07% YoY) and strong cash flow marked the period, with all major product outputs exceeding targets and the company expanding into gold resources. Gearing and liquidity remained healthy, while robust risk management addressed commodity, geopolitical, and financial risks.

Original document: CMOC Group Limited Class A [603993] Interim report — Aug. 22 2025