The Rise of Kenny Ives at CMOC: A Strategic Shift in Critical Metals Trading

The global race for control over critical minerals—copper, cobalt, lithium, and nickel—has taken a dramatic turn with the 2025 leadership reshuffle at China Molybdenum Company (CMOC). At the heart of this transformation is Kenny Ives, the former Glencore trader who now serves as CMOC’s Chief Commercial Officer (CCO), overseeing the company’s push to challenge Glencore’s dominance in metals trading. This shift is not merely a personnel change but a strategic realignment of one of Asia’s most aggressive miners, positioning it to capitalize on the energy transition’s insatiable demand for battery metals.

A Leadership Overhaul with Global Ambitions

The departure of Chairman Yuan Honglin and Vice Chair Li Chaochun in early 2025 marked a clean break from CMOC’s past. Their replacements—Que Chaoyang as COO (ex-Zijin Mining), Liu Jianfeng as CIO (energy sector veteran), and Kenny Ives as CCO—signal a deliberate pivot toward operational expertise, financial acumen, and commercial ambition. Ives, a 23-year Glencore veteran, brings a sharp focus on trading and market dynamics, having led IXM, CMOC’s Swiss-based trading arm, since 2022. His elevation to CCO underscores CMOC’s goal of leveraging IXM’s prowess to rival Glencore’s trading networks, particularly in cobalt, where CMOC overtook Glencore as the world’s top producer in 2023.

The reshuffle also reflects CMOC’s expansionist mindset. With a USD 1.2 billion sustainability-linked revolving credit facility secured by IXM in 2024 and the acquisition of Canada’s Lumina Gold Corp. (giving it access to Ecuador’s largest gold deposit), the company is building a portfolio of high-value assets. This strategy is paying off: CMOC reported a 97% jump in net income to 3.95 billion yuan in Q1 2025, driving a 4.6% rise in its Hong Kong-listed shares.

The Energy Transition’s Mineral Economy

The stakes are colossal. Critical minerals are the backbone of electric vehicles, renewable energy systems, and energy storage. By 2030, the International Energy Agency estimates that demand for lithium could surge 40-fold, while cobalt and nickel demand could rise 20-fold. CMOC’s focus on these commodities—coupled with its African mining footholds—is a masterstroke. The Democratic Republic of Congo, where CMOC operates the Tenke Fungurume copper-cobalt mine, holds 70% of the world’s cobalt reserves.

Ives’ vision extends beyond mining. At the 2025 Investing in African Mining Indaba, he framed CMOC’s ambitions as “future-proofing” African mining through sustainable practices and community engagement. This emphasis on environmental, social, and governance (ESG) standards is no afterthought: it is a prerequisite for accessing capital and partnerships. CMOC’s 25% stake in CATL, a leading battery manufacturer, further integrates it into the global supply chain, ensuring its minerals flow directly into EV production.

Risks and Rewards on the Horizon

The path is fraught with challenges. CMOC’s reliance on African jurisdictions carries political and operational risks. The Lumina Gold acquisition, while promising, faces environmental scrutiny and local opposition. Meanwhile, commodity price volatility—already evident in copper’s 12% decline year-to-date—could pressure margins.

Yet CMOC’s financial resilience is notable. Its Q1 net income surge, driven by higher cobalt prices and cost efficiencies at Tenke, suggests operational discipline. The Lumina deal adds diversification, reducing overreliance on cobalt. Moreover, Ives’ trading expertise could unlock new revenue streams, such as hedging strategies or off-take agreements with EV manufacturers.

Conclusion: A New Era for CMOC

Kenny Ives’ ascension marks a turning point for CMOC. With a leadership team steeped in mining, finance, and trading, and a strategy focused on Africa’s mineral wealth and ESG compliance, the company is well-positioned to meet the energy transition’s demand. Its Q1 financial results—net income up nearly 100% year-on-year—and the Lumina acquisition highlight execution strength.

The data tells the story:
- CMOC’s cobalt production surpassed Glencore’s in 2023, a symbolic victory.
- Its Hong Kong shares rose 4.6% in Q1 2025 amid a volatile market.
- The USD 1.2 billion sustainability-linked credit facility signals confidence in ESG compliance.

Critics may question CMOC’s ability to navigate Africa’s complexities, but its track record—operating Tenke since 2013—suggests it can. For investors, CMOC represents a leveraged play on the battery metal boom. With Ives at the helm, the company is not just mining minerals; it is mining the future.