CITIC Metal is primarily engaged in bulk commodity trading and mining investments, adhering to the strategic triangle of “Investment+Trade+Technology” to build a world-class resource investment, trade, and technology enterprise. CITIC Metal’s primary trading commodities include non-ferrous metal products such as niobium, copper, and aluminium, as well as ferrous metal products such as iron ore and steel and other trading products. Its investment portfolio mainly includes Companhia Brasileira de Metalurgia e Mineração (CBMM niobium mines), Ivanhoe Mines (IVN.TO, copper, zinc, and platinum-group metals mines), the Las Bambas copper mine in Peru, Western Superconducting Technologies Co., Ltd. (688122.SH) and China Platinum Co., Ltd..
In 2025, CITIC Metal adhered to the general principle of seeking progress while maintaining stability. It continuously optimised its operation and management strategies in a complex and volatile market environment. Backed by strong strategic resource security and numerous highlights in technological innovation, CITIC Metal’s operating results reached a new record high.
Investment portfolio strengthened resource reserves and saw steady growth in returns. The Las Bambas copper mine in Peru produced 410,834 tonnes of copper in 2025, representing a year-on-year increase of 27%. This production volume marked the second-highest record since the mine began operations and resulted in the first-ever dividend payment to shareholders. Ivanhoe Mines saw the official ignition and heat-up of the copper smelter at the Kamoa-Kakula copper mine, with the project producing 389,000 tonnes of copper in 2025. The Kipushi zinc mine of Ivanhoe Mines completed its technical transformation, producing 203,000 tonnes of zinc in concentrate in 2025. Furthermore, the first phase of the Platreef mine of Ivanhoe Mines commenced production in the fourth quarter of 2025. Companhia Brasileira de Metalurgia e Mineração (CBMM) maintained stable production and operations, with its global market share remaining above 70%. 
Proactive structural adjustments in the trading business and increasingly enhanced operational resilience. CITIC Metal achieved comprehensive growth across multiple categories, including copper concentrate, blister copper, recycled copper and electrolytic copper continuing to improve profitability. The niobium business strengthened strategic cooperation, including strengthening high-level exchanges with CBMM, focused on industry upgrading requirements by coordinating technological R&D with commercial marketing, and enhanced technology promotion to drive consumption growth of niobium products, maintaining a market share of over 80% in the Chinese market. The ferrous metals business strengthened product research, flexibly adjusted business strategies and maintained stable operations.
Improvement of technological innovation platforms to build new business driver. CITIC Metal deepened the promotion and application of niobium technology, continuously expanding its R&D and applications in traditional steel sectors such as pipelines, bridges and construction, as well as in non-steel sectors like advanced battery materials for new energy vehicles and nanocrystalline magnetic materials. During the year, six invention patents were granted and CITIC Metal participated as a major contributor in the formulation and revision of nine standards. These efforts helped to drive domestic niobium-bearing steel production to exceed 100 million tonnes per annum and effectively accelerated the R&D process of applying niobium in non-steel fields. The CITIC Metal Advanced Materials Research Institute was successfully established and inaugurated, adopting an “independent innovation+collaborative R&D” model to conduct research on key material technologies and promote the implementation of scientific achievements.
Multi-point breakthroughs to further improve the global network. CITIC Metal’s Hong Kong platform continued to enhance its trade support functions. In 2025, it successfully participated in the first batch of LME Hong Kong delivery warehouse operations, with its revenue scale continuing to grow. The Singapore platform solidified the foundation for businesses such as specialty minerals while actively expanding into the Southeast Asian market. The Tanzania platform strengthened logistics development and business expansion in Africa, achieving logistics cost reductions and shorter lead times.
In 2026, CITIC Metal will build its foundation on the “Investment+Trade+Technology” strategic pillars, focusing on bulk commodity trading and mining investment to continuously enhance its overall competitiveness and accelerate its development into a world-class resource investment, trade and technology enterprise. The investment business will delve deeper into upstream resources and solidify post-investment project management. The trading business will consolidate its advantages in core trade varieties, explore new product varieties and continuously improve its international layout and business model innovation. As for technological innovation, CITIC Metal will leverage the Advanced Materials Research Institute, focusing on key materials across traditional, emerging and future industries, while adhering to both independent and collaborative R&D to advance the transformation of scientific achievements into new quality productive forces.
Investment portfolio strengthened resource reserves and saw steady growth in returns. The Las Bambas copper mine in Peru produced 410,834 tonnes of copper in 2025, representing a year-on-year increase of 27%. This production volume marked the second-highest record since the mine began operations and resulted in the first-ever dividend payment to shareholders. Ivanhoe Mines saw the official ignition and heat-up of the copper smelter at the Kamoa-Kakula copper mine, with the project producing 389,000 tonnes of copper in 2025. The Kipushi zinc mine of Ivanhoe Mines completed its technical transformation, producing 203,000 tonnes of zinc in concentrate in 2025. Furthermore, the first phase of the Platreef mine of Ivanhoe Mines commenced production in the fourth quarter of 2025. Companhia Brasileira de Metalurgia e Mineração (CBMM) maintained stable production and operations, with its global market share remaining above 70%.
Kipushi zinc mine of Ivanhoe Mines
Kamoa-Kakula copper mine of Ivanhoe Mines
Araxá niobium mine of CBMM
Proactive structural adjustments in the trading business and increasingly enhanced operational resilience. CITIC Metal achieved comprehensive growth across multiple categories, including copper concentrate, blister copper, recycled copper and electrolytic copper continuing to improve profitability. The niobium business strengthened strategic cooperation, including strengthening high-level exchanges with CBMM, focused on industry upgrading requirements by coordinating technological R&D with commercial marketing, and enhanced technology promotion to drive consumption growth of niobium products, maintaining a market share of over 80% in the Chinese market. The ferrous metals business strengthened product research, flexibly adjusted business strategies and maintained stable operations.
Improvement of technological innovation platforms to build new business driver. CITIC Metal deepened the promotion and application of niobium technology, continuously expanding its R&D and applications in traditional steel sectors such as pipelines, bridges and construction, as well as in non-steel sectors like advanced battery materials for new energy vehicles and nanocrystalline magnetic materials. During the year, six invention patents were granted and CITIC Metal participated as a major contributor in the formulation and revision of nine standards. These efforts helped to drive domestic niobium-bearing steel production to exceed 100 million tonnes per annum and effectively accelerated the R&D process of applying niobium in non-steel fields. The CITIC Metal Advanced Materials Research Institute was successfully established and inaugurated, adopting an “independent innovation+collaborative R&D” model to conduct research on key material technologies and promote the implementation of scientific achievements.
Multi-point breakthroughs to further improve the global network. CITIC Metal’s Hong Kong platform continued to enhance its trade support functions. In 2025, it successfully participated in the first batch of LME Hong Kong delivery warehouse operations, with its revenue scale continuing to grow. The Singapore platform solidified the foundation for businesses such as specialty minerals while actively expanding into the Southeast Asian market. The Tanzania platform strengthened logistics development and business expansion in Africa, achieving logistics cost reductions and shorter lead times.
In 2026, CITIC Metal will build its foundation on the “Investment+Trade+Technology” strategic pillars, focusing on bulk commodity trading and mining investment to continuously enhance its overall competitiveness and accelerate its development into a world-class resource investment, trade and technology enterprise. The investment business will delve deeper into upstream resources and solidify post-investment project management. The trading business will consolidate its advantages in core trade varieties, explore new product varieties and continuously improve its international layout and business model innovation. As for technological innovation, CITIC Metal will leverage the Advanced Materials Research Institute, focusing on key materials across traditional, emerging and future industries, while adhering to both independent and collaborative R&D to advance the transformation of scientific achievements into new quality productive forces.