China MCC to guarantee subsidiaries with RMB 36bn amidst expansion

Metallurgical Corporation of China (MCC) has announced two guarantees totaling RMB 36,000 million for its wholly-owned and controlled subsidiaries in November 2025. This move falls within the RMB 606.6 billion annual guarantee plan approved at the 2024 annual shareholders' meeting, aimed at supporting their normal production and business operations.

Specifically, MCC's subsidiary Beijing ENFI Engineering Co., Ltd. (ENFI) provided a guarantee of RMB 28,000 million for Zhuzhou Zhongshe Environmental Protection Co., Ltd. for a loan from the Industrial and Commercial Bank of China. ENFI also guaranteed RMB 8,000 million for Zhuzhou Zhongshe Water Treatment Co., Ltd. for a separate loan. Both guarantees are for a period of three years from the maturity date of the principal debt and are without counter-guarantees.

As of October 2025, MCC's total external guarantees, including those from its subsidiaries, amounted to RMB 197.20 billion, representing 12.89% of its 2024 audited net assets attributable to the parent company. Guarantees provided to wholly-owned and controlled subsidiaries accounted for RMB 183.94 billion, or 12.02% of the net assets. The company noted that there were no overdue external guarantees.