METS

Zijin's profits surge as projects complete

China-headquarter Zijin Mining Group's net profit surged 90% year on year to RMB12.630 billion (US$1.86 billion) for the first half of 2022, driven by the completion of major mine projects, including Serbia Zijin Mining, Kamoa Copper in the Democratic Republic of Congo, and Julong Copper in China.

 Zijin Serbia opening

Zijin Serbia opening

With all projects meeting their schedules, Zijin reported production for the six-month period of 410,000 tonnes copper and 27 tonnes gold, which are up 70% and 23% year on year, respectively.

Zijin chairman Chen Jinghe said the company intends to continue to add assets to its global mix.

"As the world races towards a ‘net-zero' transition, we have also allocated resources globally to increase our competitiveness in new energy minerals," he said.

Zijin currently owns over 10 million tonnes of lithium carbonate equivalent resources and plans to boost annual production capabilities to over 150,000 tonnes per year.

It noted that completion of its Argentinian 3Q lithium project and commercial production is planned for the end of next year.

"The company has also accelerated the construction and development of the Lakkor Tso project and Xiangyuan project, with the company having finalized a 70% acquisition of the former and is near completion on a 71% acquisition of the latter," it said.

The Lakkor Tso project is in Tibet and is part of a bundle of assets held by DunAn Group, which Zijin is acquiring.

Ziangyuan is in the Hunan Province in China.

Zijin reported an operating income of RMB132.46 billion for the first half, which is up 21% year on year.

Its realized profit before tax was RMB18.57 billion, having risen 62%.

The group's net assets attributable to the owners of the listed company was RMB77.47 billion, having risen 9%.

And, as of the end of June, the group's total assets amounted to RMB271.57 billion, which is an increase of 30% from the start of the year.

Zijin has mining projects throughout China as well as 13 other countries.

The company's share price was RMB9.03 on 16 August, giving it a market capitalisation of RMB234.08 billion.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.