CMOC (HKEX: 03993) shares have surged by over 8% again. At the time of writing, the stock is up 7.55%, trading at HK$20.22 with a turnover of HK$1.861 billion.

Catalysts Behind the Move

The rally is driven by news that SK Hynix is advancing a 375-layer 3D NAND process using molybdenum word lines. Following Samsung, another leading memory chip manufacturer is making the switch, further solidifying the trend of molybdenum's penetration into high-end semiconductor applications.

Analysts at BOC International point out that if Samsung and SK Hynix continue to expand the application of molybdenum processes, demand for molybdenum in semiconductors could transition from the validation and pilot phase into a stage of mass scaling. This shift is expected to drive a revaluation of molybdenum, moving it from a traditional industrial metal towards a material for advanced manufacturing and semiconductors.

Strategic Expansion into Gold

It is also noteworthy that CMOC is actively expanding its gold resource portfolio. Huatai Securities notes that the company's series of gold mines in Brazil are operational. The transaction is set for completion in January 2026, with projected annualized gold production of 6 to 8 tons starting that year, contributing a substantial incremental increase to the company's output.

The company is capitalizing on the upward trend in precious metals by strategically growing its gold business. This move, coupled with its copper operations, is expected to build a robust, long-term asset foundation through a dual-driver strategy of copper and gold.