In Q1 2022, the Company recorded a revenue of RMB44.525 billion, up 12% year-on-year, EBITDA of RMB4.545 billion, up 38% year-on-year, net profit attributable to shareholders of the parent company of RMB1.792 billion, up 78% year-on-year, a new quarterly high, net profit after extraordinary gains and losses of RMB1.681 billion, up 234% year-on-year, and EPS of RMB0.084, up 79% year-on-year.

Stable operations and production were maintained across all business segments with substantial year-on-year growth in production of copper, cobalt, and niobium. For China operations, 3,812 tons of molybdenum and 1,943 tons of tungsten were produced. Thanks to the 10K project, copper and cobalt productions in the DRC added up to 62,434 tons and 5,108 tons, up 25.7% and 54.8% year-on-year, respectively. In Brazil, production of niobium increased by 29.1% to 2,423 tons driven by the technical debottlenecking efforts and production of phosphate fertilizers was 276,500 tons. Productions of copper and gold at NPM in Australia (attributable production based on 80% equity) were 5,200 tons and 3,790 ounces, respectively.

IXM, the trading subsidiary of the Company, by employing a trading strategy based on combination of spot and futures trading, realized a total metal trading volume (physical) of 1.4854 million tons in Q1, demonstrating the advantage of synergy between mining and trading.

Construction of key projects was pushed ahead steadily. TFM mixed ore project was progressing smoothly, reaching its milestones as planned, and is expected to provide additional capacity of 200,000tpa of copper metal and 17,000tpa of cobalt metal upon start of production in 2023. Preliminary works at KFM were carried out in an orderly manner. The E26L1N project at NPM in Australia was completed and commissioned ahead of schedule. Huayue nickel-cobalt project in Indonesia is on track to reach full production.

Further progress was made in organization upgrade. A governance approach that centers on Chinese leadership with integration of localized team was implemented across our mining business units overseas as the leadership team was restructured at NPM Australia and stronger performance registered at CMOC Brazil including the initial success of spot sales model and record quarterly net profit over recent years in both niobium and phosphate business.