(Bloomberg) -- China’s CMOC Group Ltd., the world’s biggest cobalt producer, posted record earnings in 2024 citing an increase in output and sales, as well as higher copper prices.

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The miner reported net income jumped 64% to 13.5 billion yuan ($1.9 billion) last year, beating analysts’ estimates for 12.3 billion yuan. Revenue grew 14% to 213 billion yuan, also beating estimates. CMOC attributed the strong earnings to its expansion of capacity and improvements in efficiency.

“Mining is a cyclical industry, and accurately grasping the cycle is key to successful expansion,” the company said in its earnings report. “At the bottom of the cycle, the company successfully acquired world-class mines to achieve external growth.”

CMOC more than doubled its cobalt production and added 55% more copper output in 2024, thanks to its two giant mines in the Democratic Republic of Congo. It already set similar output guidance for both raw materials this year.

CMOC’s cobalt output deepened a global glut last year, but the recent surprise export ban from top producer Congo has sent shockwaves through the industry, pushing up prices. The Chinese company previously said it set up a special “working group” to maintain communication with officials in the African nation.

Meanwhile, copper prices have also picked up in recent weeks. US President Donal Trump last month ordered the US Commerce Department to investigate imports of the material, potentially in anticipation of imposing duties. Copper on the London Metal Exchange this week pushed through $10,000 a ton to the highest level since October, and prices on New York’s Comex neared a record high.

The performance of CMOC’s metals trading arm remained stable as it generated net income attributable to the parent company of 1.4 billion yuan.

--With assistance from Foster Wong.

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