Shanghai Nonferrous Metals News
30th January 2018: China Moly announced that the company’s annual net profit attributed to shareholders of listed companies would increase by RMB 1.7 bln ~RMB 1.9 bln or up by 170% ~190% on year.
The main reason for the growth is that the Company acquired two major overseas projects through M&A in 2016, including the successful acquisition of Brazil’s Niobium and Phosphorus project and three projects (Cu and Co) in the Congo (DRC). The Company’s 2017 performance included the full year results of these two acquired projects, with an increase over the same period of the merger period. Meanwhile, prices of copper, cobalt, molybdenum and tungsten increased significantly in 2017, reaping profits for China Moly.