洛阳钼业：2026 年业务展望电话会要点

Flash | 18 Jan 2026 16:22:43 ET │ 11 pages CMOC (3993.HK) Takeaways from 2026 Business Outlook Call CITI'S TAKE We hosted a 2026 Business Outlook Call with CMOC on Jan 16th. CMOC's copper output reached 741kt in 2025, higher than the previous guidance in early 2025, benefiting from stable power supply in DRC for TFM and KFM projects, as well as technology upgrade for TFM. The implied 4Q25 copper output was 198kt, +4% QoQ, and the output guidance is 760- 820kt in 2026E. The cobalt output was 25.8t in 4Q25, - ...