HK Stock Market Move | CMOC Group Limited (03993) fell more than 4% in early trading. The company signed a $1.7 billion mining project with Ecuador. The Ecuadorian government will receive over 50% of the profits.

CMOC Group Limited(03993) fell over 4% in early trading, and as of the time of writing, it has risen 3.89% to 17.54 Hong Kong dollars, with a trading volume of 3.38 billion Hong Kong dollars. On the news front, the Ecuadorian Ministry of Energy announced on April 27th that it has signed a mining project extraction agreement with ODIN Mining del Ecuador, a subsidiary of CMOC Group Limited, for the Los Cangrejos project, with a total expected investment of over 1.7 billion US dollars. The statement mentioned that the Ecuadorian government will receive over 50% of the project's value, amounting to an estimated 4.386 billion US dollars in revenue, including taxes, royalties, and other fees. Furthermore, Dahua Securities released a research report stating that CMOC Group Limited reported a first quarter profit of 7.76 billion yuan this year, a 96.7% year-on-year increase, in line with expectations. The company benefited mainly from higher realized selling prices, stronger copper sales volumes, and increased metal trading volumes. The report mentioned that the company's production guidance is on track, supported by stable operations in the Democratic Republic of Congo, and despite cost pressures and uncertainties surrounding cobalt exports policies in the Democratic Republic of Congo, profit margins and sales timing may experience short-term fluctuations.