History
The original company was founded as a wholly state-owned enterprise in 1969 under Luoyang Luanchuan Molybdenum, with the Sandaozhuang mine being established the next year. By the early 2000s, Luoyang Luanchuan was researching ways to extract Scheelite from its main molybdenum mine. Together with Ximen Tungsten Co Ltd, it founded a joint venture, Luoyang Yulu Mining Co. Ltd. to process the ore.[15][16]
In August 2006, the company began planning an initial public offering, and, in preparation for the move, changed its name to China Molybdenum in 2007.[17][18][19] The company is listed on the Hong Kong Stock Exchange.[20]
In 2010, CMOC acquired 55% of the Shangfanggou mine from the Luoyang Mining Group by buying 50% of Xuzhou Huanyu Molybdenum Co., Ltd and 100% of Luanchuan Huqi Mining Company Limited. The Hong Kong Stock Exchange sanctioned the group for not publicly disclosing the Huqi acquisition in a timely manner.[21]
Shares were first offered on the Shanghai Stock Exchange in 2012. On September 20, CMOC reported raising 600 million yuan by selling shares, significantly less than the 3.65 billion yuan initially planned.[22] The scope of the offering was cut back from initial plans due to intervention from the China Securities Regulatory Commission. However, the stock then performed well, quickly tripling in value.[23]
In 2013, CMOC acquired an 80% stake in the Northparkes copper-gold mine in Australia from Rio Tinto.[24] The company sold the entirety of its stake in Northparkes to Australian gold mining company Evolution Mining in December 2023.[25]
A fully owned subsidiary, CMOC International, moved its headquarters to Phoenix, Arizona in 2017.[26] The CEO of this international subsidiary, Kalidas Madhavpeddi, left the company in 2018.[27]
In 2017, the Louis Dreyfus Company announced it was selling its metals trading business, LDC Metals, for $466 million to several Chinese companies, including CMOC and AXAM Asset Management.[28] LDC Metals was then renamed IXM.[29] CMOC took full control of IXM in 2019.[30]
In June 2022, the company officially changed its name from China Molybdenum Company Limited to CMOC Group Limited.[3] Later that year, the company was included at 74 on the Fortune China 500 list.[31]
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