On September 24, CMOC fell 3.13% in regular trading, trading at HK$15.12/share, with turnover of HK$64.77 million. The decline came as a tailings supply dispute with Xiamen Tungsten intensified, drawing market attention.

Xiamen Tungsten announced on September 21 that it had filed for arbitration with the Beijing Arbitration Commission after CMOC stopped supplying post-molybdenum-processing tailings to their joint venture, Luoyang Yulu Mining, causing a full production halt. The case, accepted under reference number (2026) Jing Zhong An Zi No. 08572, involves a provisional claim of RMB 116 million calculated through August 31. Xiamen Tungsten demands CMOC resume tailings supply until the JV's operating term expires in April 2032 and compensate for losses including RMB 56.45 million from the supply cutoff and RMB 56.77 million from a forced sales suspension of tungsten concentrate.

The dispute traces back to a 2001 joint venture agreement under which Xiamen Tungsten holds 60% and CMOC holds 40% of Luoyang Yulu. CMOC halted tailings supply from June 30, citing tungsten mining compliance requirements. CMOC has stated it will actively defend the case while maintaining compliance as its bottom line. The case has not yet gone to trial, and the ultimate financial impact remains uncertain.

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