TacticScaleWhat CMOC (洛阳钼业) Does & How It Makes Money (603993.SS)
Updated October 2026 · reflects CMOC's latest reported financials
Chinese miner of copper, cobalt, molybdenum, tungsten, niobium and phosphates. It earns most of its money selling the metals and minerals it mines and processes, mainly copper, cobalt, molybdenum, tungsten, niobium and phosphate fertilizer.
How CMOC makes money
It earns most of its money selling the metals and minerals it mines and processes, mainly copper, cobalt, molybdenum, tungsten, niobium and phosphate fertilizer. It also earns trading income from buying and reselling base metals, refined metals and mineral products.
What CMOC does
CMOC Group Limited, formerly China Molybdenum Co., Ltd., is a mining company headquartered in Luoyang, China. It was founded in 1969 and took its current name in June 2022. It mines, processes and smelts base and rare metals at operations in Asia, Africa, South America and Europe. The company reports through segments covering molybdenum and tungsten, niobium and phosphorus, copper-cobalt, mineral and metal trading, and refined metals trading. Its products include copper, cobalt, gold, molybdenum, tungsten, niobium and phosphate fertilizer. Several of these, including copper and cobalt, are used in electrification and batteries. On top of its own mines, CMOC runs a sizeable trading business in base metals and mineral products. It also has smaller activities in logistics, technical services, software development, investment management and hotel operations.
Products & services
- Copper
- Cobalt
- Molybdenum and tungsten products
- Niobium
- Phosphate fertilizer
- Metal and mineral trading
洛阳钼业是做什么的？
洛阳钼业（CMOC集团，原名中国洛阳钼业）成立于1969年，总部在河南洛阳，2022年6月改用现名。公司在亚洲、非洲、南美和欧洲开采、选矿和冶炼基本金属和稀有金属，业务分为钼钨、铌磷、铜钴、矿产与金属贸易、精炼金属贸易等板块。 主要产品有铜、钴、黄金、钼、钨、铌和磷肥，其中铜和钴等金属用于新能源和电池领域。除了自有矿山，公司还做大规模的基本金属和矿产品贸易，另外有物流运输、技术服务、软件开发、投资管理和酒店经营等配套业务。
What is CMOC worth?
On an owner-earnings DCF, CMOC's most-likely value is about ¥11 versus a recent price near ¥17 (55% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥6) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
One company, two listings
CMOC trades in mainland China and in Hong Kong. Same business, same profits — but the two markets can price it at different multiples, because they have different investors, money and reference points.
| Market | Ticker | Price | P/E |
|---|---|---|---|
| Shanghai (A shares) | 603993.SS | ¥17.04 | 13.3× |
| Hong Kong (H shares) | 3993.HK | HK$15.27 | 10.7× |
As of 12 October 2026. Prices in each listing's own currency. Why one profit can carry two prices: Valuation Is Not a Property of the Company.