In Depth: How a Chinese Mining Giant Learned to Win in Brazil
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In the heart of Brazil’s central highlands, the small city of Catalão is an unlikely outpost for a Chinese mining giant. A short drive from the town center, paved roads narrow into country lanes winding through a rural landscape where CMOC Group Ltd. (603993.SH) runs a sprawling mining operation.
For nearly a decade, the firm has been operating the niobium and phosphate mines there after acquiring them from Anglo American PLC in 2016. The venture helped CMOC become the world’s second-largest producer of niobium — a critical input for high-strength steel alloys — and the second-largest maker of phosphate fertilizers in Brazil. In 2024, its Brazilian output hit record highs, with revenues climbing to 6.54 billion yuan (nearly $930 million).
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- CMOC Group operates large niobium and phosphate mines in Catalão, Brazil, generating record revenues of 6.54 billion yuan ($930 million) in 2024 and employing about 5,000 people, with less than 40 Chinese staff.
- The company invested 12 million reais ($2.2 million) in 2025 for 23 local social projects, adapting its ESG and management model to Brazil’s regulatory and community environment.
- CMOC is expanding in Latin America, acquiring major gold mines in Ecuador and Brazil, leveraging expertise gained in Brazil.
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- CMOC Group Ltd.
- CMOC Group Ltd. (洛阳栾川钼业集团股份有限公司) purchased niobium and phosphate mines in Brazil in 2016 from Anglo American PLC. These operations helped them become the world's second-largest niobium producer. CMOC's Brazilian revenue reached nearly $930 million in 2024, and the company is utilizing its Brazilian expertise for expansion across Latin America.
- Anglo American PLC
- Anglo American PLC sold its niobium and phosphate mines in Catalão, Brazil, to CMOC Group Ltd. in 2016. This acquisition marked a significant step for CMOC, enabling it to become a major player in niobium and phosphate fertilizer production in Brazil. CMOC's operations at these former Anglo American assets have since seen record revenues and production highs.
- Equinox Gold Corp.
- Equinox Gold Corp. is a Canadian firm that operates four gold mines in Brazil. CMOC announced its intention to acquire these four mines for up to $1.015 billion, with the transaction expected to close in the first quarter of 2026. This acquisition aligns with CMOC's "copper and gold dual pillars" strategy.
- 2016：
- CMOC acquired the niobium and phosphate mines in Catalão, Brazil, from Anglo American PLC.
- 2019：
- CMOC's niobium production in Brazil was 7,489 tons.
- 2022：
- CMOC reached a previous peak in profits (with 2025 profits projected to surpass this).
- 2024：
- CMOC's Brazilian output hit record highs, with revenues reaching 6.54 billion yuan (nearly $930 million).
- 2025：
- As of this year, CMOC's recovery rate for niobium in Catalão improved to between 52% and 56%.
- 2025：
- In this year, CMOC invested about 12 million reais (~$2.2 million) in 23 social projects in Brazil.
- 2025：
- The number of Chinese employees in Brazil reduced to about 40.
- 2025：
- Niobium production in Brazil estimated to reach 10,300 tons.
- 2025：
- CMOC planned and held four public hearings for a project to raise a tailings dam by 10 meters.
- June 24, 2025：
- CMOC completed acquisition of the Cangrejos gold mine in Ecuador.
- June 30, 2025：
- CMOC officially began work at the Cangrejos gold mine in Ecuador.
- December 2025：
- CMOC announced it would acquire four operating gold mines in Brazil from Equinox Gold Corp.
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