China Molybdenum to acquire Brazilian gold mines for up to $1.015 bn

China Molybdenum announced that its subsidiary, CMOC Limited, through its newly established wholly-owned subsidiary 17536682 Canada Inc., signed an agreement on December 14, 2025, to acquire 100% equity in Leagold LatAm Holdings B.V. and Luna Gold Corp. from Equinox Gold Corp. The total consideration for the acquisition is $1.015 billion, comprising an upfront cash payment of $900 million at closing and a contingent cash payment of up to $115 million tied to sales performance within one year post-closing.

This acquisition secures 100% interests in the Aurizona, RDM, and Bahia Complex gold mines in Brazil. The transaction was approved by the company's seventh board of directors at its eighth ad hoc meeting with all nine directors voting in favor, and does not require shareholder approval. The deal is subject to customary closing conditions, including final approval from the Brazilian antitrust authority (CADE) and relevant Chinese regulatory bodies.

The acquired assets will be integrated into China Molybdenum’s consolidated financial statements. This strategic move aligns with the company’s investment and M&A strategy focused on copper and gold, and is projected to increase the company's annual gold production to 8 tonnes. The transaction does not involve related party transactions or significant personnel or management changes.