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CMOC (Luoyang Molybdenum, HKEX/SSE-listed) is a diversified miner with four geographically distinct production bases: molybdenum and tungsten mining in Henan, China; copper-cobalt mining in the DRC (Tenke Fungurume and Kisanfu); niobium and phosphate fertiliser production in Brazil (CMOC Brasil, formerly Anglo American's Nb/P business); and a wholly owned Geneva-based physical trading arm, IXM, that trades base metals globally.
Group exposure score is 64 including 1 tracked subsidiary — standalone is 62.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 14 suppliers, 7 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
Disclosed as a shareholder of the Company and its subsidiaries. Sales of goods to CATL: RMB 2,553,515,666.76 in FY2025 (down from RMB 5,615,991,396.91 in FY2024, -54.5%). No % of total sales disclosed — this filing states related-party value only, not the sales denominator.
FY2024 comparative from the same FY2025 filing: RMB 5,615,991,396.91 in sales of goods to CATL.
Purchases of goods from CATL: RMB 820,375,604.19 in FY2025 (up from RMB 288,198,127.33 in FY2024, +184.7%). CMOC also carries CATL as a counterparty on RMB 10.75bn of other non-current liabilities and RMB 845m of contract liabilities at 2025-12-31 (financing/prepayment items, not goods flow).
FY2024 comparative from the same FY2025 filing: RMB 288,198,127.33 in purchases of goods from CATL.
Indonesia-based nickel-cobalt intermediate producer carried as a CMOC associate (联营企业, filing note (五)11 — equity stake not quantified in the pages read). Purchases of product from it: RMB 1,978,366,890.03 in FY2025 (RMB 2,004,273,322.36 in FY2024, roughly flat, -1.3%). No % of total procurement disclosed.
FY2024 comparative from the same FY2025 filing: RMB 2,004,273,322.36 in purchases of product from Huayue Nickel Cobalt.
Subsidiary of a CMOC joint venture (合营企业的子公司), Luanchuan/Henan area — same district as CMOC's own Sandaozhuang Mo/W mine. Purchases of product: RMB 529,170,193.79 in FY2025 (RMB 1,138,452,705.59 in FY2024, -53.5%). Smaller reciprocal sales flow to Fuchuan: RMB 11.16m (FY2025) / RMB 13.40m (FY2024).
FY2024 comparative from the same FY2025 filing: RMB 1,138,452,705.59 in purchases of product from Fuchuan.
Named in the FY2025 annual report's FY2024 comparative column of the top-5 accounts-receivable-debtor table (RMB 92,423,435.81 of RMB ~697m implied total AR). Not on CMOC's own related-party list — appears to be an independent (arm's-length) customer. Publicly known as a CATL subsidiary specialising in battery recycling (Guangdong Brunp Recycling Technology), consistent with buying cobalt/copper as recycling feedstock. In the FY2025 (2025-12-31) column this debtor no longer appears among the named-eligible top-5 (all five 2025 slots are coded, not named) — right-censored, not evidence the relationship ended.
H1-2026 interim report (filed 2026-08-20, period ended 2026-06-30): sales of goods to CATL RMB 4,086,311,491.48, up from RMB 2,433,549,923.34 in the H1-2025 comparative (+67.9%). Confirms the FY2025 annual-report finding of a shifting relationship: the FY2025 annual figure had CMOC's full-year sales to CATL nearly halving y/y, but H1-2026 sales already exceed the entire FY2025 sales-to-CATL total (RMB 2,553,515,666.76), so the decline did not continue into 2026. No % of total sales disclosed.
H1-2025 comparative column of the same H1-2026 interim report: RMB 2,433,549,923.34 in sales of goods to CATL.
H1-2026 interim report: purchases of goods from CATL RMB 3,246,514,347.53, up from RMB 453,330,790.98 in the H1-2025 comparative (+616%) — already more than 3x the entire FY2025 annual purchases-from-CATL total (RMB 820,375,604.19). Also pays CATL interest expense (RMB 253,692,391.06 in H1-2026 vs RMB 313,939,215.79 in H1-2025) on a large financing-related balance: other non-current liabilities owed to CATL stood at RMB 10,540,270,406.12 at 2026-06-30 (RMB 10,754,059,227.94 at 2025-12-31, roughly flat) plus contract liabilities of RMB 1,047,043,971.43 (RMB 845,420,216.09 at 2025-12-31). These balance figures are period-end snapshots, not H1 flows — stated separately from the purchase amount above.
H1-2025 comparative column of the same H1-2026 interim report: RMB 453,330,790.98 in purchases of goods from CATL; RMB 313,939,215.79 in interest expense to CATL.
H1-2026 interim report: purchases of product from Huayue Nickel Cobalt RMB 1,851,789,010.11, up from RMB 1,363,653,100.27 in the H1-2025 comparative (+35.8%).
H1-2025 comparative column of the same H1-2026 interim report: RMB 1,363,653,100.27 in purchases of product from Huayue Nickel Cobalt.
H1-2026 interim report: purchases of product from Fuchuan RMB 300,212,520.35, up from RMB 241,621,753.26 in the H1-2025 comparative (+24.3%); services received RMB 2,369,178.25 (RMB 3,494,640.79 in H1-2025). Small reciprocal sales flow to Fuchuan: RMB 6,638,871.75 in H1-2026 (RMB 5,924,330.66 in H1-2025).
H1-2025 comparative column of the same H1-2026 interim report: RMB 241,621,753.26 in purchases of product from Fuchuan.
New to this dossier (not in the FY2025 annual-report related-party table read previously). Disclosed as an associate (联营企业) in the H1-2026 interim report's related-party note. Purchases of product from Yulu Mining RMB 265,697,375.03 in H1-2026, up from RMB 96,296,245.10 in the H1-2025 comparative (+176%). Company received a RMB 32,000,000.00 dividend from Yulu Mining recorded at 2025-12-31 period-start (gone by 2026-06-30). English rendering \"Yulu Mining\" is a transliteration of 豫鹭矿业, not a confirmed official English name — treat the Chinese name as authoritative.
H1-2025 comparative column of the same H1-2026 interim report: RMB 96,296,245.10 in purchases of product from Yulu Mining.
Gécamines (20% shareholder of CMOC's Tenke Fungurume Mining JV, CMOC 80%) exercised its right to purchase 100,000t of TFM's 2026 copper cathode production -- its first direct purchase of TFM volumes reserved under the JV -- earmarked for the US market per the Dec-2025 DRC-US minerals agreement, with Mercuria providing export support.
CMOC FY2025 annual report (cninfo, 2026-04-02), Section 5 sales model, p.22: '铌产品同样建立了\"生产厂-IXM－客户\"的经销模式，整合IXM全球销售网络和中国国内销售团队的铌铁客户销售网络，不断增厚铌铁销售利润' — CMOC Brasil's niobium (ferroniobium) is sold through a plant-to-IXM-to-customer distribution model combining IXM's global sales network with a China domestic sales team's ferroniobium customer network. IXM is CMOC's 100%-owned trading subsidiary (intra-group flow). No volume, value or end-customer name disclosed; China is named as a sales territory but end-buyers are not.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
2 other tracked dossiers name this company as a counterparty in its own sourced disclosure — this platform never wrote these rows on this company's own page, they are read here inverted from the dossier that disclosed them. This is a partial view: 986 additional named-counterparty rows across the corpus could not be matched to a tracked dossier by name at all (mostly non-Latin legal names), so the true count is higher than what renders here.
Gécamines Trading exercised its right (as 20% shareholder of Tenke Fungurume Mining, CMOC-operated at 80%) to purchase 100,000t of TFM's 2026 copper cathode production -- its first direct purchase of TFM volumes reserved under the JV -- explicitly earmarked for the US market per the Dec-2025 DRC-US minerals agreement; Mercuria selected as strategic partner for financial/logistical/technical support on the export.
CMOC FY2025 annual report (cninfo, 2026-04-02), Section 5 sales model, p.22: '铌产品同样建立了\"生产厂-IXM－客户\"的经销模式，整合IXM全球销售网络和中国国内销售团队的铌铁客户销售网络，不断增厚铌铁销售利润' — CMOC Brasil's ferroniobium reaches customers via a plant-to-IXM-to-customer model that combines IXM's global sales network with a China domestic ferroniobium sales team. Parent-to-subsidiary (intra-group) flow. No volume, value or end-customer name disclosed.
Scope. This section is inverted evidence: each linked dossier wrote the original row about itself, describing its own relationship to this company. It is never a claim this company itself disclosed. Absence here is not evidence of no relationship — most of the corpus has no named-counterparty block at all yet.
This company sits on the supply side for 3 of its 3 materials — a restriction on those is a tailwind, not a headwind.
As a producer, policy pressure across its produced materials is rising.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
No actions in the register have named or swept this company in the last 24 months.