China Molybdenum : 2019 THIRD QUARTERLY FINANCIAL REPORT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Stock Code: 03993)

2019 THIRD QUARTERLY FINANCIAL REPORT

The board of directors (the "Board") of China Molybdenum Co., Ltd.* (the "Company" or "CMOC") is pleased to announce the unaudited results of the Company and its subsidiaries (collectively the "Group") prepared in accordance with the Accounting Standards for Business Enterprises of the People's Republic of China for the third quarter ended 30 September 2019. This announcement is made pursuant to Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

• For identification purpose only
• This report was prepared in both Chinese and English versions. Where there is discrepancy between the Chinese and English versions, the Chinese version shall prevail.

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	CONTENTS
I.	IMPORTANT NOTICE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3
II.	BASIC INFORMATION OF THE COMPANY . . . . . . . . . . . . . . . . . . . . .	3
III.	SIGNIFICANT EVENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	9
IV.	APPENDIX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	17

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1. IMPORTANT NOTICE
2. 1. The Board, supervisory committee, directors, supervisors and senior management of the Company warrant the truthfulness, accuracy and completeness of the contents set out in this quarterly report, and that it contains no false representation, misleading statement nor material omission, and assume several and joint legal responsibilities.
   2. All the directors of the Company attended the board meeting to consider the quarterly report.
   3. Li Chaochun, the person in charge of the Company, Wu Yiming, the person in charge of accounting affairs and Rong Yinjie, the person responsible for the accounting department, warrant the truthfulness, accuracy and completeness of the financial statements in this quarterly report.
   4. The third quarterly financial report of the Company is unaudited.

1. BASIC INFORMATION OF THE COMPANY 2.1 Key Financial Data

		Unit: Yuan	Currency: RMB
			Increase/decrease
			as at the end of
	As at the end of		the reporting period
	the reporting	As at the end of	as compared with
Items	period	last year (adjusted)	the end of last year
			(%)
Total assets	122,554,480,303.91	101,393,051,651.39	20.87
Net assets attributable to the
shareholders of the listed
company	40,212,225,639.92	40,948,873,571.40	-1.80

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			Unit: RMB
	From the beginning	From the beginning
	of the year to	of last year to
	the end of	the end of
	the reporting	the reporting period	Increase/decrease as
	period	of last year	compared with
	(January-	(January-	the same period
Items	September)	September)	last year
			(%)
Net cash flow from operating
activities	1,402,583,365.31	8,195,408,376.82	-82.89
Operating revenue	33,409,050,982.82	20,083,814,004.36	66.35
Net profit attributable to
shareholders of the listed
company	1,244,135,605.10	4,136,840,896.02	-69.93
Net profit after deduction
of non-recurring profits
or losses attributable to
shareholders of the listed
company	869,588,538.19	4,133,423,307.19	-78.96
The weighted average rate of			decreased by 7.31
return on net assets (%)	3.04	10.35	percentage points
Basic earnings per share
(RMB/Share)	0.058	0.192	-69.79

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Items and amounts for non-recurring profits or losses
				Unit: Yuan	Currency: RMB
			From the beginning
				of the year to
	Amount for		the end of
		the reporting
	the period		period
	(July-		(January-
Items	September)		September)	Explanations
Profit or loss from disposal of non-current assets	-613,316.84		-11,289,365.68
Government subsidy included in current profits	3,116,747.59		13,929,789.09		Including low-grade scheelite
and losses (excluding government grants							project subsidies of RMB5
which are closely related to the Company's							million.
business and conform with the national
standard amount or quantity)	347,864,969.99		405,025,747.15		The Company completed the
Profit and loss of changes in fair value arising
from holding of financial assets held for							acquisition of IXM B.V.
trading, derivative financial assets, financial							("IXM") in July. During
liabilities held for trading, and derivative							the reporting period, the
financial liabilities and investment gains							net incomes from changes
from disposal of financial assets held for							of fair value and disposal
trading, derivative financial assets, financial							of derivative financial
liabilities held for trading, derivative							instruments related to the
financial liabilities and other credit							metal commodity trading
investments, except for effective hedging							business were RMB388
activities associated with normal business							million, which were
operations of the Company							designated as non-recurring
							items. While gain/loss arising
							from physical business and
							changes of fair value of
							trading-related inventories
							were designated as recurring
	7,398,360.09						items.
Other non-operating revenue and expenses other		2,696,386.51
than the above items	0.00
Other profit/loss items falling within the		52,245,779.61		Investment income recognized
definition of non-recurring profit and loss							by re-measuring the fair
							value of the original
							shareholding portion at the
							step-by-step acquisition
							of Luoyang High-Tech
							Molybdenum & Tungsten
	87,977.46						Materials Co., Ltd.
Effect of minority interests (after tax)		1,538,046.78
Effect of income taxes	-93,739,831.67		-89,599,316.55
	264,114,906.62
Total		374,547,066.91

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2.2 Table showing total number of shareholders, top 10 shareholders and top 10 holders of tradable shares (or shareholders not subject to trading moratorium) as of the end of the reporting period

Total number of shareholders (shareholder)

310,591

Top 10 shareholders

				Unit: 0'000 Shares
	Number of		Number of
	shares held as	Percentage	shares held
Name of shareholders	at the end of	of	with selling	Subject to pledge or	Nature of
(full name)	the period	shareholding	restrictions	moratorium	shareholders
	(A shares/			Status of
	H shares)	(%)		shares	Number
Cathay Fortune Corporation (鴻	533,322.00	24.69	0	Nil	0	Domestic
商產業控股集團有限公司)	(A shares &					non-state
	H shares)					owned legal
						corporation
Luoyang Mining Group Co., Ltd.	532,978.04	24.68	0	Nil	0	State-owned
(洛陽礦業集團有限公司)	(A shares)					legal
						corporation
HKSCC NOMINEES LIMITED	358,743.28	16.61	0	Unknown	0	Unknown
(香港中央結算（代理人）	(H shares)
有限公司)
Jianxin Fund - Industrial	77,748.69	3.60	0	Nil	0	Unknown
and Commercial Bank of	(A shares)
China - Shaanxi Province
International Trust -
Shan Guotou • Jinyu No.
6 Directional Investment
Collection Fund Trust Plan
(建信基金－工商銀行－
陝西省國際信託－陝國投•
金玉6號定向投資集合資
金信託計劃)
China Structural Reform Fund	73,970.68	3.42	0	Nil	0	State-owned
Corporation Limited (中國	(A shares)					legal
國有企業結構調整基金						corporation
股份有限公司)

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					Unit: 0'000 Shares
	Number of		Number of
	shares held as	Percentage	shares held
Name of shareholders	at the end of	of	with selling	Subject to pledge or	Nature of
(full name)	the period	shareholding	restrictions	moratorium	shareholders
	(A shares/			Status of
	H shares)	(%)		shares	Number
Minsheng Bank Fund - Bank	47,172.77	2.18	0	Nil	0	Unknown
of Ningbo - Jiaxing Minliu	(A shares)
Investment Partnership
(Limited Partnership)* (民生
加銀基金－寧波銀行－嘉
興民琉投資合夥企業（有
限合夥))
Ningbo Shanshan Venture	47,120.42	2.18	0	Pledge	47,111.41	Domestic
Capital Co., Ltd.（寧波杉杉	(A shares)					non-state
創業投資有限公司）						owned legal
						corporation
TEDA Manulife Fund -	30,588.66	1.42	0	Nil	0	Unknown
Minsheng Bank - Changan	(A shares)
International Trust - Changan
Trust - Minsheng Ding Zeng
1 Single Trust Fund* (泰達
宏利基金－民生銀行－長
安國際信託－長安信託－
民生定增1號單一資金
信託)
Hong Kong Securities Clearing	20,653.76	0.96	0	Nil	0	Unknown
Company Ltd. (香港中央結	(A shares)
算有限公司)
National Social Security Fund	11,398.66	0.53	0	Nil	0	State-owned
Package No. 102 (全國社保	(A shares)					legal
基金一零二組合)						corporation

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The top 10 shareholders not subject to trading moratorium

		Unit: 0'000 Shares
	Number of
	tradable shares	Types and quantity of shares
	not subject
	to trading
Name of shareholders (full name)	moratorium	Types	Quantity
Cathay Fortune Corporation (鴻商產業	533,322.00	RMB-denominated ordinary	533,322.00
控股集團有限公司)		shares (A shares) and
		overseas listed foreign-
Luoyang Mining Group Co., Ltd. (洛陽		invested shares (H shares)
532,978.04	RMB-denominated ordinary	532,978.04
礦業集團有限公司)		shares (A shares)
HKSCC NOMINEES LIMITED (香港中	358,743.28	Overseas listed foreign-	358,743.28
央結算（代理人）有限公司)		invested shares (H shares)
Jianxin Fund - Industrial and Commercial	77,748.69	RMB-denominated ordinary	77,748.69
Bank of China - Shaanxi Province		shares (A shares)
International Trust - Shan Guotou •
Jinyu No. 6 Directional Investment
Collection Fund Trust Plan (建信基
金－工商銀行－陝西省國際信託－
陝國投• 金玉6號定向投資集合
資金信託計劃)
China Structural Reform Fund Corporation	73,970.68	RMB-denominated ordinary	73,970.68
Limited (中國國有企業結構調整		shares (A shares)
基金股份有限公司)
Minsheng Bank Fund - Bank of Ningbo -	47,172.77	RMB-denominated ordinary	47,172.77
Jiaxing Minliu Investment Partnership		shares (A shares)
(Limited Partnership)* (民生加銀基
金－寧波銀行－嘉興民琉投資合
夥企業（有限合夥))
Ningbo Shanshan Venture Capital Co.,	47,120.42	RMB-denominated ordinary	47,120.42
Ltd. (寧波杉杉創業投資有限公司)		shares (A shares)
TEDA Manulife Fund - Minsheng Bank -	30,588.66	RMB-denominated ordinary	30,588.66
Changan International Trust - Changan		shares (A shares)
Trust - Minsheng Ding Zeng 1 Single
Trust Fund* (泰達宏利基金－民生
銀行－長安國際信託－長安信託－
民生定增1號單一資金信託)
Hong Kong Securities Clearing Company	20,653.76	RMB-denominated ordinary	20,653.76
Ltd. (香港中央結算有限公司)		shares (A shares)

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Name of shareholders (full name)

National Social Security Fund Package No. 102 (全國社保基金一零二 組合)

Explanation of the aforesaid shareholders' related relations or concerted action

III. SIGNIFICANT EVENTS

	Unit: 0'000 Shares
Number of
tradable shares	Types and quantity of shares
not subject
to trading
moratorium	Types	Quantity
11,398.66	RMB-denominated ordinary	11,398.66
	shares (A shares)

1. wholly-ownedsubsidiary of Cathay Fortune Corporation (鴻商產業控股集團 有限公司) in Hong Kong, holds 303 million H shares of the Company, which is registered under HKSCC NOMINEES LIMITED (香港中央結算（代理人）有 限公司). Therefore, Cathay Fortune Corporation, which holds a total of 5,333.22 million shares of the Company, accounting for 24.69% of the shareholding, is the largest controlling shareholder of the Company.

3.1 Particulars of and reasons for material changes in major accounting items and financial indicators of the Company

3.1.1 Items in Balance Sheet

			Unit: Yuan	Currency: RMB
	30 September	1 January	Increase/
Items	2019	2019	decrease	Reasons of changes
		(Note 1)	(%)
Cash and bank	15,475,704,577.40	26,647,644,058.81	-41.92	The decrease in cash and bank
balances				balances was mainly due
				to repayment of loans and
				the consideration of equity
				acquisition, dividends and APT
				auction bid to Kunming Fanya
				Metal Exchange Inc. ("Kunming
				Fanya") during the period.
Held-for-trading	8,275,241,619.58	774,326,692.25	968.70	Note 2
financial assets
Derivative financial	2,659,208,187.97	0.00	100.00	Note 2
assets

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	30 September	1 January	Increase/
Items	2019	2019	decrease	Reasons of changes
		(Note 1)	(%)
Financing	505,592,555.84	1,623,841,101.38	-68.86	The decrease in financing
receivables				receivable was mainly due to
				the receipt of notes receivable
				during the period.
Prepayments	5,533,281,421.99	151,004,234.22	3,564.32	The increase in prepayment was
				mainly due to the increase of the
				payment for APT auction bid to
				Kunming Fanya and the increase
				of metal commodity trading
				business due to the completion of
				the acquisition of IXM in July.
Inventories	20,476,519,687.34	6,615,914,805.21	209.50	Note 3
Other current assets	3,746,899,246.79	1,450,605,120.41	158.30	Note 2
Long-term equity	1,216,153,673.77	2,522,865,277.94	-51.79	During the reporting period, NCCL
investments				Natural Resources Investment
				Fund LP, an associate of the
				Company, has completed the
				disposal of its investment in
				IXM and quitted the project.
Other equity	1,103,351,492.50	448,174,198.06	146.19	Note 2
instrument
investments
Deferred tax assets	856,051,622.52	525,597,815.59	62.87	Note 2
Short-term	20,091,514,788.08	4,588,152,515.23	337.90	Note 2
borrowings
Held-for-trading	1,797,742,778.94	4,250,711,352.44	-57.71	The decrease of held-for-trading
financial liabilities				financial liabilities was mainly
				due to the repayment of gold
				lease.
Derivative financial	3,310,543,828.40	75,423,332.52	4,289.28	Note 2
liabilities
Accounts payable	6,162,882,323.29	1,119,073,099.06	450.71	Note 2
Taxes payable	713,358,740.79	1,110,201,369.36	-35.75	Profit for the period decreased,
				with a corresponding decrease in
				taxes payable.
Other payables	2,078,280,399.08	1,027,781,797.06	102.21	Note 2
Contract liabilities	697,107,552.50	200,667,461.95	247.39	Note 2
Other current	2,132,450,224.55	129,395,442.32	1,548.01	The increase in other current
liabilities				liabilities was mainly due to
				the issue of super short-term
				commercial paper.

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	30 September	1 January	Increase/
Items	2019	2019	decrease	Reasons of changes
		(Note 1)	(%)
Bonds payable	4,121,870,000.00	2,000,000,000.00	106.09	The increase in bonds payable was
				mainly due to the issue of US
				dollar bonds of 300 million.
Other non-current	73,205,862.25	3,294,336,000.00	-97.78	The decrease in other non-current
liabilities				liabilities was mainly due to the
				completion of the acquisition
				of 24% of the shares of Congo
				(DRC) Copper-Cobalt business
				during the period.
Other comprehensive	-403,624,558.80	-799,327,420.21	49.50	The increase in other
income				comprehensive income was
				mainly due to the effect of
				exchange differences arising
				from translation of financial
				foreign currencies.

Note 1: The financial statements as at 1 January 2019 was restated according to the new Leasing Standards and revised format of Financial Statements.

Note 2：The metal commodity trading business was consolidated into the financial statement of the Group during the reporting period as compared to the same period last year since the completion of acquisition of IXM on 24 July 2019.

Note 3: During the reporting period, the metal commodity trading business was consolidated into the financial statements of the Group since the completion of the acquisition of IXM on 24 July 2019. At the period end non-trading related inventories were measured at the lower of cost and net realisable value and trading-related inventories were measured at fair value less cost to sell.

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3.1.2 Items in Income Statement
			Unit: Yuan	Currency: RMB
	January to	January to	Increase/
Items	September 2019	September 2018	decrease	Reasons of changes
			(%)
Operating revenue	33,409,050,982.82	20,083,814,004.36	66.35	Note 4
Operating costs	29,910,362,495.41	12,064,402,717.30	147.92	Note 4
Research and	227,394,798.72	136,386,583.03	66.73	The increase in research and
development				development expenses was
expenses				mainly due to the increase
				of research and development
				investment of each business unit
				for the period.
Financial expenses	842,991,677.57	576,013,049.55	46.35	The increase in financial expenses
				was mainly due to the increase
				of net interest expenses for the
				period.
Investment income	133,996,635.86	198,945,214.39	-32.65	The Company entered into forward
				foreign exchange contracts
				to mitigate exchange rate
				fluctuation risk arising from
				foreign currency dominated
				loans. Such contracts were settled
				at a loss during the reporting
				period.
Gains (losses) from	417,517,784.90	-22,133,540.60	1,986.36	Note 4
changes in fair
values
Income tax expenses	242,508,674.81	1,284,964,812.95	-81.13	The decrease in income tax
				expenses was mainly due to the

decrease in income tax expenses of Copper and Cobalt operation for the period.

Note 4：The metal commodity trading business was consolidated into the financial statements of the Group during the reporting period as compared to the same period last year since the completion of acquisition of IXM on 24 July 2019.

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3.1.3 Items in Cash Flow Statement
			Unit: Yuan	Currency: RMB
	January to	January to
	September	September	Increase/
Items	2019	2018	decrease	Reasons of changes
			(%)
Net cash flow	1,402,583,365.31	8,195,408,376.82	-82.89	The decrease in the net cash flow
from operating				from operating activities was
activities				mainly due to the decrease of the
				revenue caused by the decline
				of the copper and cobalt market
				price during the reporting period.
				Meanwhile the working capital
				taken by IXM was increased.
Net cash flow	-10,503,146,731.95	-3,012,633,613.42	-248.64	The decrease in the net cash flow
from investing				from investing activities was
activities				mainly due to the increase of
				the payment for the acquisition
				of subsidiary's equity during
				the period and the bid for APT
				auction to Kunming Fanya was
				paid in September.
Net cash flow	-1,508,802,709.38	-1,636,315,293.60	7.79	The net cash flow from financing
from financing				activities for the period was
activities				basically the same as that of the
				same period last year.

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3.1.4 Major Products
			Production
			volume increase/	Sales volume
			decrease for	increase/decrease
			the reporting	for the reporting
			period	period as
			as compared with	compared
	Production		the same period	with the same
Products	volume	Sales volume	last year	period last year
	(Tonnes)	(Tonnes)	(%)	(%)
Mineral processing：
Molybdenum	10,897	11,864	-7	-15
Tungsten	8,135	8,156	-6	4
Niobium	6,422	5,389	-6	-18
Phosphate (HA+LA)	807,855	862,282	-2	3
Copper (TFM)	131,122	112,570	4	-13
Cobalt	12,611	11,123	-9	-22
Copper (calculated based on
80% NPM equity interest)	21,158	19,293	-13	-20
Gold (ounces)	14,688	13,740	-24	-28
			Purchase volume	Sales volume
			increase/decrease	increase/decrease
			for the reporting	for the reporting
			period as	period as
			compared	compared with
			with the same	the same period
	Purchase volume	Sales volume	period last year	last year
	(Tonnes)	(Tonnes)	(%)	(%)
Mineral trade:
Mineral metal(Note 5)	511,921	426,174	N/A	N/A
Refined metal(Note 6)	545,113	587,674	N/A	N/A
Others	27,058	14,242	N/A	N/A
Total	1,084,092	1,028,090	N/A	N/A

Note 5: Primary products of mineral metal, mainly concentrated mineral.

Note 6: Smelting and processing mineral metal.

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3.2 Analysis and explanations of the progress of significant events and their impacts and solutions

1. Completion of acquisition of 100% equity interests in IXM, the world's third largest metal trader

CMOC Limited, a wholly-owned subsidiary of the company, purchased the 100% equity interests in New Silk Road Commodities SA (NSRC) from New Silk Road Commodities Limited (NSR) with a consideration of USD495 million plus an agreed final net profits, thereby indirectly holding 100% equity interests in IXM through NSRC. The acquisition was completed on 24 July 2019.

1. Completion of acquisition of 24% minority equity interests in TFM, to enhance the respective control ability and influence

Pursuant to the share transfer agreement entered into among CMOC BHR Limited, a wholly-owned subsidiary of CMOC Limited (a wholly- owned subsidiary of the Company) and BHR Newwood Investment Management Limited ("BHR") and BHR's shareholders, the Company intended to purchase from the transferor 100% equity interests held by it in BHR, so as to gain 24% interests indirectly held by BHR in Tenke Fungurume Mining S.A. (TFM). The consideration of the transaction was USD470,000,000. At the same time, BHR had bank loans with a principal amount ofUSD690,000,000, which was previously applied in the acquisition of 24% interests in TFM, as well as assets including bank deposit. On 27 September 2019, the equity transfer was completed.

1. Successful bidding for ammonium paratungstate (APT) to enhance the reserve of advantageous resources

On 16 September 2019, the Company publicly participated in the judicial auction of APT seized by the former Kunming Pan-Asian Nonferrous Metals Exchange Co., Ltd. through its wholly-owned subsidiary Luomu Group Sales Co., Ltd., and won the auction of 28,336 tons of APT with RMB3.268 billion.

- 15 -

Tungsten metal is a kind of superior resource in China. Through this successful bidding, the Company realizes commercial purchasing and storage of tungsten raw materials, which means an increase of the Company's tungsten reserves.

For details of the above, please refer to the relevant announcements issued by the Company.

3.3 The warning and explanation in the forecast of the possible aggregate net profits from the beginning of the year to the end of the next reporting period becoming a loss or significant changes over the corresponding period of the previous year

During the reporting period, the Company's operating results had a large decline on a year-on-year basis, mainly due to the significant decrease of market prices of the Company's major products related to copper, cobalt and tungsten, as well as a corresponding decrease of provisional sales of cobalt.

Affected by the above factors, although the prices of major products related to cobalt and molybdenum have rebounded and stabilized since the second quarter of 2019, it is expected that the net profit of the Company of 2019 will still decline to a certain extent compared with last year.

This note does not constitute a substantial commitment to investors, and investors shall exercise caution on investment risks.

- 16 -

IV. APPENDIX

4.1 Financial statements

CONSOLIDATED BALANCE SHEET 30 September 2019

	Unit: Yuan	Currency: RMB Unaudited
Items		30 September 2019	31 December 2018
Current assets:
Cash and bank balances	15,475,704,577.40	26,647,644,058.81
Held-for-trading financial assets	8,275,241,619.58	774,326,692.25
Derivative financial assets	2,659,208,187.97	0.00
Accounts receivable	819,379,187.26	860,999,687.88
Financing receivables	505,592,555.84	1,623,841,101.38
Prepayments	5,533,281,421.99	151,004,234.22
Other receivables	1,093,037,560.53	1,040,048,708.23
Including: Interests receivable	205,898,267.73	226,186,602.19
Inventories	20,476,519,687.34	6,615,914,805.21
Other current assets		3,746,899,246.79	1,450,605,120.41
Total current assets		58,584,864,044.70		39,164,384,408.39
Non-current assets:
Long-term equity investments	1,216,153,673.77	2,522,865,277.94
Other equity instrument investments	1,103,351,492.50	448,174,198.06
Other non-current financial assets	4,338,579,107.03	3,906,621,612.87
Non-current derivative financial assets			0.00	3,179,157.60
Fixed assets	24,104,405,718.40	23,620,517,589.11
Construction in progress	2,433,011,849.55	1,893,822,308.19
Right-of-use assets	205,957,668.75	N/A
Intangible assets	21,025,342,219.47	20,931,052,279.34
Long-term inventories	5,653,505,710.70	5,122,434,298.15
Goodwill	647,140,455.82	674,886,645.02
Long-term prepaid expenses	119,052,249.97	129,022,870.55
Deferred tax assets	856,051,622.52	525,597,815.59
Other non-current assets	2,267,064,490.73	2,273,558,775.22
Total non-current assets	63,969,616,259.21		62,051,732,827.64
Total assets	122,554,480,303.91		101,216,117,236.03

- 17 -

Items	30 September 2019	31 December 2018
Current liabilities:
Short-term borrowings	20,091,514,788.08	4,588,152,515.23
Held-for-trading financial liabilities	1,797,742,778.94	4,250,711,352.44
Derivative financial liabilities	3,310,543,828.40	75,423,332.52
Notes payable	167,211,063.76	29,000,000.00
Accounts payable	6,162,882,323.29	1,119,073,099.06
Employee benefits payable	582,069,908.71	517,344,459.78
Taxes payable	713,358,740.79	1,110,201,369.36
Other payables	2,078,280,399.08	1,027,781,797.06
Including: Interests payable	272,406,478.93	230,624,891.14
Dividends payable	27,885,796.67		27,885,796.67
Contract liabilities	697,107,552.50		200,667,461.95
Non-current liabilities due within one year	3,508,564,479.72		2,922,422,080.00
Other current liabilities	2,132,450,224.55		130,541,907.62
Total current liabilities	41,241,726,087.82		15,971,319,375.02
Non-current liabilities:
Long-term borrowings	17,417,525,438.53	20,196,854,832.74
Bonds payable	4,121,870,000.00	2,000,000,000.00
Non-current derivative financial liabilities	243,583,513.78	23,312,327.42
Lease liabilities	136,088,121.28	N/A
Long-term accounts payable	8,347,231.68	0.00
Long-term employee benefits payable	293,753,948.49	129,064,725.83
Provisions	2,113,101,679.12	1,908,084,106.78
Deferred income	69,779,552.54	74,092,394.24
Deferred tax liabilities	7,789,069,974.40	8,021,118,162.47
Other non-current liabilities	73,205,862.25	3,294,336,000.00
Total non-current liabilities	32,266,325,322.07		35,646,862,549.48
Total liabilities	73,508,051,409.89		51,618,181,924.50

- 18 -

Items	30 September 2019	31 December 2018
Owners' equity (or shareholders' equity):
Paid-in capital (Share capital)	4,319,848,116.60	4,319,848,116.60
Capital reserve	27,582,794,983.23	27,582,794,983.23
Other comprehensive income	-403,624,558.80	-799,327,420.21
Special reserve	2,468,453.08	3,038,386.94
Surplus reserve	1,160,396,190.21	1,160,396,190.21
Retained profits	7,550,342,455.60	8,682,123,314.63
Total equity attributable to the owners
(or shareholders) of the parent company	40,212,225,639.92		40,948,873,571.40
Minority interests	8,834,203,254.10		8,649,061,740.13
Total owners' equity (or shareholders' equity)	49,046,428,894.02		49,597,935,311.53
Total liabilities and owners' equity
(or shareholders' equity)	122,554,480,303.91		101,216,117,236.03

- 19 -

BALANCE SHEET OF THE COMPANY

30 September 2019

	Unit: Yuan	Currency: RMB Unaudited
Items		30 September 2019	31 December 2018
Current assets:
Cash and bank balances	3,995,246,512.19	14,766,503,386.80
Accounts receivable	180,241,075.35	178,457,336.22
Financing receivables			75,069,404.23	1,610,443,851.38
Prepayments			55,467,059.83	50,305,999.43
Other receivables	6,903,002,496.49	4,783,176,527.20
Including: Interests receivable	367,439,059.24	378,516,688.14
Dividends receivable			44,006,084.08		44,006,084.08
Inventories	136,849,315.45		142,318,149.08
Other current assets	872,065,055.80		77,471,224.51
Total current assets	12,217,940,919.34		21,608,676,474.62
Non-current assets:
Long-term equity investments	29,881,385,239.63	23,164,431,184.76
Other equity instrument investments	194,111,260.26	194,111,260.26
Other non-current financial assets	1,075,013,349.54	951,571,101.88
Non-current derivative financial assets			0.00	3,179,157.60
Fixed assets	1,367,937,953.56	1,338,742,434.52
Construction in progress	171,910,099.99	171,760,810.63
Intangible assets	332,113,365.55	355,554,503.18
Long-term prepaid expenses	130,533,514.42	145,047,198.03
Deferred tax assets			71,095,014.86	30,011,327.13
Other non-current assets	138,836,266.71	218,836,266.71
Total non-current assets	33,362,936,064.52		26,573,245,244.70
Total assets	45,580,876,983.86		48,181,921,719.32

- 20 -

Items	30 September 2019	31 December 2018
Current liabilities:
Short-term borrowings	1,550,000,000.00	2,006,257,000.00
Held-for-trading financial liabilities	1,230,899,354.24	3,700,673,914.84
Derivative financial liabilities	0.00	70,753,781.72
Notes payable	24,905,468.54	20,000,000.00
Accounts payable	189,252,400.08	134,109,971.43
Contract liabilities	1,395,546,077.95	390,137,050.79
Employee benefits payable	70,973,533.83	108,566,407.54
Taxes payable	1,294,526.80	117,362,547.14
Other payables	1,644,871,686.71	2,179,902,221.07
Including: Interests payable	78,200,314.70	72,907,618.95
Non-current liabilities due within one year	0.00	696,000,000.00
Other current liabilities	2,173,175,938.32	174,999,888.99
Total current liabilities	8,280,918,986.47		9,598,762,783.52
Non-current liabilities:
Bonds payable	2,000,000,000.00	2,000,000,000.00
Non-current derivative financial liabilities	235,259,456.46	23,312,327.42
Provisions	47,570,371.67	47,570,371.67
Deferred income	18,886,308.49	19,175,497.84
Other non-current liabilities	231,406,625.65	307,006,153.71
Total non-current liabilities	2,533,122,762.27		2,397,064,350.64
Total liabilities	10,814,041,748.74		11,995,827,134.16
Owners' equity (or shareholders' equity):
Paid-in capital (Share capital)	4,319,848,116.60	4,319,848,116.60
Capital reserve	27,636,530,888.88	27,636,530,888.88
Other comprehensive income	-5,005,428.78	-5,005,428.78
Special reserve	2,082,917.40	2,594,582.62
Surplus reserve	1,160,396,190.21	1,160,396,190.21
Retained profits	1,652,982,550.81	3,071,730,235.63
Total owners' equity (or shareholders' equity)	34,766,835,235.12		36,186,094,585.16
Total liabilities and owners' equity
(or shareholders' equity)	45,580,876,983.86		48,181,921,719.32

- 21 -

CONSOLIDATED INCOME STATEMENT

January to September 2019

				Unit: Yuan	Currency: RMB Unaudited
			July to September	July to September		January to		January to
Items		2019			2018		September 2019		September 2018
I.	Total operating revenue	23,430,381,675.08	6,024,018,256.31	33,409,050,982.82	20,083,814,004.36
	Including:	Operating revenue	23,430,381,675.08	6,024,018,256.31	33,409,050,982.82	20,083,814,004.36
II.	Total operating costs	23,101,874,853.78	4,810,959,376.49	32,518,650,395.84	14,230,230,465.19
	Including:	Operating costs	22,133,207,105.59	4,078,114,177.58	29,910,362,495.41	12,064,402,717.30
		Taxes and levies	216,782,092.96	283,708,502.22	703,082,413.83	700,973,676.16
		Selling expenses	20,474,185.85	25,217,854.47	61,548,591.55	75,614,420.08
		Administrative expenses	291,494,882.84	218,974,982.50	773,270,418.76	676,840,019.07
		Research and development
		expenses	104,722,542.44	64,320,594.12	227,394,798.72	136,386,583.03
		Financial expenses	335,194,044.10	140,623,265.60	842,991,677.57	576,013,049.55
		Including: Interest expenses	472,450,305.84	383,354,551.99	1,256,046,244.84	1,079,552,419.41
		Interest income	215,946,153.18	270,064,333.47	747,021,357.94	753,261,379.71
	Add:	Other income	3,114,866.18			6,990,536.06	13,248,933.41	11,359,763.86
		Investment income (losses are
		indicated by "-")	-24,970,511.78	80,727,181.15	133,996,635.86	198,945,214.39
		Including: Income from investments
		in associates and joint ventures	-33,265,287.15	47,504,916.32	131,444,030.94	98,578,772.31
		Gains (losses) on changes of fair
		values (losses are indicated by "-")	280,565,222.89	57,163,487.76	417,517,784.90	-22,133,540.60
		Credit impairment losses (losses are
		indicated by "-")	9,125,611.84			150,550.21	-8,311,650.78	2,986,514.21
		Asset impairment losses (losses are
		indicated by "-")	-6,385,376.30	-9,438,535.42	-18,284,803.99	-20,219,671.06
		Income (loss) from disposal of assets
		(losses are indicated by "-")	-613,316.84	-9,008,086.97	-11,289,365.68	-14,071,743.23
III. Operating profit (losses are indicated by "-")	589,343,317.29	1,339,644,012.61	1,417,278,120.70	6,010,450,076.74
	Add:	Non-operating income	9,377,152.50			1,116,884.07	11,905,555.25	1,544,216.04
	Less:	Non-operating expenses	1,976,910.75			1,868,452.88	8,528,313.06	48,728,116.90
IV.	Total profit (total losses are indicated by "-")	596,743,559.04	1,338,892,443.80	1,420,655,362.89	5,963,266,175.88
	Less:	Income tax expenses	192,087,475.58	261,516,636.62	242,508,674.81	1,284,964,812.95

- 22 -

	July to September	July to September	January to	January to
Items	2019	2018	September 2019	September 2018
V. Net profit (net losses are indicated by "-")	404,656,083.46	1,077,375,807.18	1,178,146,688.08	4,678,301,362.93

1. Categorized by the nature of continuing operation 1. Net profit from continuing operations (net

	losses are indicated by "-")	404,656,083.46	1,077,375,807.18	1,178,146,688.08	4,678,301,362.93
2.	Net profit from discontinued operations (net
	losses are indicated by "-")	-	-	-	-

1. Categorized by ownership:
   1. Net profit attributable to owners of the

	parent company	436,144,796.29	1,014,330,673.88	1,244,135,605.10	4,136,840,896.02
2.	Profit and loss attributable to minority
	interests (losses are indicated by "-")	-31,488,712.83	63,045,133.30	-65,988,917.02	541,460,466.91
VI. Other comprehensive income, net of tax	641,675,219.76	1,012,831,423.57	646,889,275.99	1,027,969,606.70
Other comprehensive income attributable to owners of
the parent company, net of tax	404,285,996.02	706,480,171.54	395,702,861.41	625,918,335.29
(I) Other comprehensive income to be reclassified
	subsequently to profit or loss	404,285,996.02	706,480,171.54	395,702,861.41	625,918,335.29

1. Reserve of cash flow hedges (effective portion of profit or loss from cash flow

hedges)

-51,494,902.33

24,123,008.76

-224,641,846.70

65,097,352.92

2. Translation differences of financial statements denominated in foreign

	currencies	455,780,898.35	682,357,162.78	620,344,708.11	560,820,982.37
Other comprehensive income attributable to minority
interests, net of tax	237,389,223.74	306,351,252.03	251,186,414.58	402,051,271.41
VII. Total comprehensive income	1,046,331,303.22	2,090,207,230.75	1,825,035,964.07	5,706,270,969.63
Total comprehensive income attributable to owners of
the parent company	840,430,792.31	1,720,810,845.42	1,639,838,466.51	4,762,759,231.31
Total comprehensive income attributable to minority
interests	205,900,510.91	369,396,385.33	185,197,497.56	943,511,738.32
VIII. Earnings per share:
(I)	Basic earnings per share(RMB/Share)	0.021	0.047	0.058	0.192
(II)	Diluted earnings per share(RMB/Share)	N/A		N/A	N/A		N/A

- 23 -

INCOME STATEMENT OF THE COMPANY

January to September 2019

				Unit: Yuan	Currency: RMB Unaudited
			July to September	July to September	January to		January to
Items		2019			2018	September 2019		September 2018
I.	Operating revenue	831,490,113.04	1,009,703,435.20	2,509,707,342.83	2,833,778,892.93
	Less:	Operating costs	304,149,828.66	283,150,332.38	950,782,372.08	887,964,260.18
		Taxes and levies	73,334,186.83	87,876,911.00	213,228,622.15	252,187,581.09
		Selling expenses	11,436.04			0.00	17,980.30	7,371.68
		Administrative expenses	72,111,963.94	48,882,270.84	200,650,826.40	139,762,490.89
		Research and development expenses	64,486,581.79	57,804,091.68	134,897,706.40	124,424,618.28
		Financial expenses	-47,319,043.24	-82,337,509.00	-240,642,441.44	-349,402,765.82
		Including: Interest expenses	67,716,989.26	79,230,461.47	95,668,096.26	129,568,754.24
		Interest income	108,268,024.03	206,531,031.87	444,001,778.15	599,030,495.95
	Add:	Other income	1,296,396.45			5,092,378.45	4,489,189.35	5,959,171.35
		Investment income (losses are
		indicated by "-")	29,825,812.84	29,745,149.09	-25,626,975.80	86,894,160.12
		Including: Income from investments
		in associates and joint ventures	17,009,205.84	16,909,909.25	35,992,054.87	50,728,845.20
		Gains (losses) on changes of fair
		values (losses are indicated by "-")	-40,774,577.65	20,111,816.29	-162,837,469.33	20,945,502.79
		Credit impairment losses (losses are
		indicated by "-")	2,398.26			1,459,253.13	3,156,521.46	4,229,626.57
		Income (loss) from disposal of assets
		(losses are indicated by "-")	7,097.16			0.00	7,097.16	-10,262.49
II. Operating profit (losses are indicated by "-")	355,072,286.08	670,735,935.26	1,069,960,639.78	1,896,853,534.97
	Add:	Non-operating income	1,978,099.84			1,103,800.02	1,628,976.30	1,127,614.02
	Less:	Non-operating expenses	1,216,142.61			690,083.45	5,202,404.43	39,027,712.11
III. Total profit (total losses are indicated by "-")	355,834,243.31	671,149,651.83	1,066,387,211.65	1,858,953,436.88
	Less:	Income tax expenses	39,245,524.75	87,324,852.10	109,218,432.34	249,817,401.68

- 24 -

		July to September	July to September	January to		January to
Items	2019	2018	September 2019		September 2018
IV.	Net profit (net losses are indicated by "-")	316,588,718.56	583,824,799.73	957,168,779.31	1,609,136,035.20
	(1). Net profit from continuing operations (net losses
	are indicated by "-")	316,588,718.56	583,824,799.73	957,168,779.31	1,609,136,035.20
	(2). Net profit from discontinued operations (net
	losses are indicated by "-")		-		-	-		-
V.	Other comprehensive income, net of tax		-		-	-		-
VI.	Total comprehensive income	316,588,718.56	583,824,799.73	957,168,779.31	1,609,136,035.20

CONSOLIDATED CASH FLOW STATEMENT

January to September 2019

	Unit: Yuan	Currency: RMB Unaudited
			January to			January to
Items	September 2019			September 2018
I.	Cash flows from operating activities:
	Cash receipts from sales of goods and rendering of services	32,193,929,553.70	22,088,326,887.15
	Other cash receipts relating to operating activities	2,699,447,346.95	1,106,868,266.97
	Sub-total of cash inflows from operating activities	34,893,376,900.65	23,195,195,154.12
	Cash payments for goods purchased and services received	25,754,455,664.69	9,025,017,749.19
	Cash payments to and on behalf of employees	1,771,437,884.24	1,623,064,352.85
	Payments of various types of taxes	3,941,852,629.60	3,904,507,242.88
	Other cash payments relating to operating activities	2,023,047,356.81	447,197,432.38
	Sub-total of cash outflows from operating activities	33,490,793,535.34
	14,999,786,777.30
	Net cash flow from operating activities	1,402,583,365.31	8,195,408,376.82
II.	Cash flows from investing activities:
	Cash receipts from recovery of investments	2,055,352,528.12	2,391,188,600.00
	Cash receipts from investment income	1,534,059,926.67	228,874,483.64
	Net cash receipts from disposals of fixed assets, intangible
	assets and other long-term assets	225,424.00	460,569.21
	Other cash receipts relating to investing activities	163,657,651.70	82,267,875.80
	Sub-total of cash inflows from investing activities	3,753,295,530.49	2,702,791,528.65

- 25 -

		January to		January to
Items		September 2019		September 2018
Cash payments to acquire or construct fixed assets, intangible
assets and other long-term assets	1,705,276,049.25	1,354,148,848.33
Cash payments to acquire investments	5,554,481,072.85	2,937,510,854.22
Net cash payments for acquisitions of subsidiaries and other
business units	6,826,656,657.99	267,674,160.00
Other cash payments relating to investing activities		170,028,482.35	1,156,091,279.52
Sub-total of cash outflows from investing activities	14,256,442,262.44	5,715,425,142.07
Net cash flow from investing activities	-10,503,146,731.95	-3,012,633,613.42
III. Cash flows from financing activities:
Cash receipts from borrowings	16,253,675,160.96	5,843,736,241.34
Other cash receipts relating to financing activities	1,973,492,250.65	3,287,891,795.76
Sub-total of cash inflows from financing activities	18,227,167,411.61	9,131,628,037.10
Cash repayments of borrowings	11,841,915,081.75	6,247,062,792.45
Cash payments for distribution of dividends or profits and
settlement of interests	3,561,173,523.56	2,647,238,781.21
Other cash payments relating to financing activities	4,332,881,515.68	1,873,641,757.04
Sub-total of cash outflows from financing activities	19,735,970,120.99	10,767,943,330.70
Net cash flow from financing activities	-1,508,802,709.38	-1,636,315,293.60
IV. Effect of foreign exchange rate changes on cash and cash
equivalents	427,097,530.99	351,137,769.83
V. Net increase (decrease) in cash and cash equivalents	-10,182,268,545.03	3,897,597,239.63
Add: Opening balance of cash and cash equivalents	23,240,703,274.03	19,781,418,278.86
VI. Closing balance of cash and cash equivalents	13,058,434,729.00	23,679,015,518.49

- 26 -

CASH FLOW STATEMENT OF THE COMPANY

January to September 2019

	Unit: Yuan	Currency: RMB Unaudited
			January to			January to
Items	September 2019			September 2018
I.	Cash flows from operating activities:
	Cash receipts from sales of goods and rendering of services	8,541,646,616.73	4,475,474,499.11
	Other cash receipts relating to operating activities	1,467,684,478.58	6,272,617,223.78
	Sub-total of cash inflows from operating activities	10,009,331,095.31	10,748,091,722.89
	Cash payments for goods purchased and services received	1,473,589,729.74	939,370,727.72
	Cash payments to and on behalf of employees	329,835,060.28	263,076,977.19
	Payments of various types of taxes	812,437,108.42	803,568,440.09
	Other cash payments relating to operating activities	4,644,034,644.20	6,586,219,370.03
	Sub-total of cash outflows from operating activities	7,259,896,542.64	8,592,235,515.03
	Net cash flow from operating activities	2,749,434,552.67	2,155,856,207.86
II.	Cash flows from investing activities:
	Cash receipts from recovery of investments	2,517,508,499.49	2,546,002,500.00
	Cash receipts from investment income	136,377,217.04	144,838,517.05
	Net cash receipts from disposals of fixed assets, intangible
	assets and other long-term assets	225,424.00	0.00
	Other cash receipts relating to investing activities	452,163,839.40	916,260,821.92
	Sub-total of cash inflows from investing activities	3,106,274,979.93	3,607,101,838.97
	Cash payments to acquire or construct fixed assets, intangible
	assets and other long-term assets	86,775,998.77	63,622,718.42
	Cash payments to acquire investments	7,918,818,800.35	1,092,854,100.00
	Other cash payments relating to investing activities	4,801,112,608.28	2,789,880,000.00
	Sub-total of cash outflows from investing activities	12,806,707,407.40	3,946,356,818.42
	Net cash flow from investing activities	-9,700,432,427.47	-339,254,979.45

- 27 -

	January to		January to
Items	September 2019		September 2018
III. Cash flows from financing activities:
Cash receipts from borrowings	8,685,807,229.81	3,748,351,390.07
Other cash receipts relating to financing activities	4,257,397,501.79	3,279,562,889.56
Sub-total of cash inflows from financing activities	12,943,204,731.60	7,027,914,279.63
Cash repayments of borrowings	4,481,166,500.00	2,287,611,308.10
Cash payments for distribution of dividends or profits and
settlement of interests	2,526,528,008.15	1,897,407,110.47
Other cash payments relating to financing activities	8,568,012,491.85	2,571,936,662.81
Sub-total of cash outflows from financing activities	15,575,707,000.00	6,756,955,081.38
Net cash flow from financing activities	-2,632,502,268.40	270,959,198.25
IV. Effect of foreign exchange rate changes on cash and cash
equivalents	-11,495,199.94	6,231,168.86
V. Net increase (decrease) in cash and cash equivalents	-9,594,995,343.14	2,093,791,595.52
Add: Opening balance of cash and cash equivalents	12,329,538,991.95	11,364,847,728.10
VI. Closing balance of cash and cash equivalents	2,734,543,648.81	13,458,639,323.62

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4.2 Summary of effect of the initial implementation of new leasing standards

CONSOLIDATED BALANCE SHEET

				Unit: Yuan	Currency: RMB
Items	31 December 2018			1 January 2019			Adjustments
Non-current assets:
Right-of-use assets	N/A	176,934,415.36	176,934,415.36
Total non-current assets	62,051,732,827.64	62,228,667,243.00	176,934,415.36
Total assets	101,216,117,236.03	101,393,051,651.39	176,934,415.36

Current liabilities:
Non-current liabilities due within one
year	2,922,422,080.00	2,991,278,685.55		68,856,605.55
Other current liabilities	130,541,907.62	129,395,442.32		-1,146,465.30
Total current liabilities	15,971,319,375.02	16,039,029,515.27	67,710,140.25
Non-current liabilities:
Lease liabilities	N/A	109,224,275.11	109,224,275.11
Total non-current liabilities	35,646,862,549.48	35,756,086,824.59	109,224,275.11
Total liabilities	51,618,181,924.50	51,795,116,339.86	176,934,415.36

By Order of the Board

China Molybdenum Co., Ltd.*

Li Chaochun

Chairman

Luoyang City, Henan Province, the People's Republic of China, 29 October 2019

As at the date of this announcement, the Company's executive directors are Mr. Li Chaochun and Mr. Li Faben; the Company's non-executive directors are Mr. Guo Yimin, Mr. Yuan Honglin and Mr. Cheng Yunlei; and the Company's independent non-executive directors are Mr. Wang Gerry Yougui, Ms. Yan Ye and Mr. Li Shuhua.

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