On March 18, China Molybdenum Co.Ltd(603993) released its annual report for 2021. In 2021, the company achieved a revenue of 173863 billion yuan (RMB, the same below), a year-on-year increase of 53.89%, and the net profit attributable to the parent company was 5.106 billion yuan, a year-on-year increase of 119.26%, both of which achieved the best performance in history. At the same time, the output of several products of the company has also set new records. TFM copper output has reached a four-year high, cobalt output has reached a three-year high, the output of phosphate fertilizer in Brazil has reached a new high since the establishment of the plant, the annual physical sales volume of ixm trading business has reached a record high, and the pre tax profit has reached 160 million US dollars.
China Molybdenum Co.Ltd(603993) said that due to the sharp increase in profits driven by the rising metal market, the average annual settlement price of LME (London Metal Exchange) copper spot in 2021 was US $9317 / ton, a year-on-year increase of 50.61%. The price of cobalt also went out of seasonal fluctuations and rose to a three-year high. In 2021, the average annual price of cobalt recorded by MB (British metal guide) was US $23.98/lb, with a year-on-year increase of 56.02%. Therefore, the profit of copper and cobalt business of the company increased significantly.
In terms of production capacity, China Molybdenum Co.Ltd(603993) 2021 the output of copper and cobalt in Congo will be 209100 tons and 18500 tons respectively; The output of molybdenum and tungsten in China is 16400 tons and 8658 tons respectively; The output of niobium and phosphorus in Brazil is 8586 tons and 1.12 million tons respectively; Australian NPM (80% equity) copper and gold production were 23500 tons and 19948 ounces respectively. Ixm has realized the trade volume (sales volume) of concentrate products of 2.884 million tons and the trade volume (sales volume) of refined metal products of 3.613 million tons.
For the development in 2022, sun Ruiwen, President of China Molybdenum Co.Ltd(603993) said: “on the one hand, based on the existing high-quality resources and on the premise of fully completing various production tasks, accelerate the construction of two world-class mines in Congo to ensure the realization of the milestone plan; on the other hand, look around the world and continue to seek M & A opportunities of new energy metal resources, so as to lay a solid foundation for the company to achieve new leaps.”
