China Molybdenum (CMOC, HKEX: 3993) is China's largest overseas copper and cobalt miner, operating the giant Tenke Fungurume mine in the DRC — one of the world's highest-grade copper deposits — plus the Kisanfu cobalt mine. CMOC controls ~20% of global cobalt supply. For cyclical investors it offers dual exposure: LME copper (macro signal) and cobalt (EV battery materials). Current copper $12,043/t is a strong SELL signal.
Historical Cycle Returns
| Cycle | Entry signal | Buy | Sell | Return | Duration |
|---|---|---|---|---|---|
| COVID recovery | Copper $4,600/t (2020) | HKD 2.50 | HKD 7.50 | +200% | 24 months |
| Cobalt spike | Cobalt $35k/t (2021) | HKD 4.00 | HKD 7.50 | +88% | 14 months |
| GFC recovery | Copper $3,000/t (2009) | HKD 1.20 | HKD 4.50 | +275% | 28 months |
Tenke Fungurume — World-Class DRC Asset
CMOC's Tenke Fungurume mine in the DRC produces ~200,000 tonnes of copper and 15,000 tonnes of cobalt per year at very high grades. Acquired from Freeport-McMoRan in 2016, it is one of the most profitable copper mines globally on cost-per-tonne basis.
Cobalt — The EV Battery Link
Cobalt is a key input for NMC lithium-ion batteries. CMOC controls ~20% of global production through TFM and Kisanfu — a critical supplier to battery manufacturers. Cobalt prices are highly volatile and driven by EV adoption rates and DRC political risk.
Key Data
| Metric | Value |
|---|---|
| Exchange | HKEX + SSE dual-listed |
| Ticker | 3993.HK |
| Primary signals | LME Copper + Cobalt |
| Key mine | Tenke Fungurume DRC (~200kt Cu) |
| Cobalt share | ~20% of global supply |
| Best cycle return | +275% (GFC recovery) |
Track this signal automatically
Weekly cycle updates across 18 macro indicators — free early access.
Join the Waitlist →Frequently Asked Questions
What is CMOC's battery metal exposure?
CMOC produces cobalt (EV battery input) as a by-product of TFM copper. Controls ~20% of global cobalt supply — a significant indirect EV supply chain beneficiary.
Is the DRC a political risk?
Yes. CMOC experienced a licence suspension at TFM in 2022 — a DRC government dispute that temporarily halted exports. DRC political risk is a permanent discount in the stock.
How does copper relate to cobalt for CMOC?
Both drive earnings but independently. When simultaneously in bull phases (2021), CMOC earnings surge disproportionately. When cobalt is weak and copper strong (2023–24) earnings are more mixed.