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Zijin Mining Announces estimated increase in operating results for the year 2019

Zijin news On February 3, Zijin Mining announces estimated increase in operating results for the year 2019, which is expected to achieve net profit attributable to owners of RMB4.1 billion to RMB4.3 billion for the year 2019; net profit attributable to owners after non-recurring profit or loss of RMB3.65 billion to RMB4 billion, a year-on-year increase of 19.24% to 30.68 %.

Zijin Mining has accelerated its international development in recent years. The company’s asset scale, operating income, market value, and cumulative profits and taxes have reached the level of RMB100 billion. Its profitability and cash flow capacity have remained strong. The volume of its main products has grown rapidly, and its gold and copper resource reserves have increased significantly. The corporate reforms have achieved remarkable results and the momentum of sustainable development has continued to improve. In 2019, the company's mineral gold, copper and zinc output were 40.8 tons, 370,000 tons and 370,000 tons, respectively, an increase of about 12%, 49% and 33% year-on-year, mainly due to the commissioning of the second phase of the Kolwezi copper mine. Production and newly acquired Serbian Bor copper-gold mine, Eritrea Bisha zinc mine project capacity released.

According to the “Guiding Opinion on the Work for the Next Three Years (2020-2022)” announced by the company, the company currently has more than 57 million tons of copper, about 2,200 tons of gold, and nearly 10 million tons of zinc (lead), Strong resource base will lay a foundation for the leapfrog development. Zijin Mining has identified 2020 as the “Project Construction Year”, and a number of major construction projects have entered a critical period. Among them, the Timok copper-gold mine in Serbia and the Kamoa-Kakura copper mine in the DRC aim to start production in the first half of 2021 and achieve 30% of the designed production capacity. It is expected that the company's average annual compound growth rate of mineral gold output in the next three years will reach 6.3% -9.8%, and the average annual compound growth rate of mineral copper output will reach 21.9% to 26.0%.