Recently, Zijin Mining released the 2018 preliminary interim results, the net profit attributable to owners of the parent was RMB2.523 billion, representing an increase of 67.60% YOY. The revenue was RMB49.81 billion, up 32.75% YOY.
In the first half of 2018, Zijin’s mineral products’ output outperformed the production plan, which was higher compared with the same period last year. One of the major factors that drove growth was the steady commencement of production in overseas projects. Besides that, the following factors also promoted the growth: Zijin strengthened its risk control of financial sector, there were a decrease in exchange losses, and the implement of new accounting standards relating to financial instruments. The stocks of Ivanhoe Mines Ltd. held by the Company were reclassified to “financial assets at fair value through other comprehensive income” and had no further effect on the profit or loss for the accounting period.
In recent years, Zijin continuously strengthened its core assets, disposed its non-core and invalid assets, which enhanced the company’s endogenous growth. In particular of the growing copper sector, Zijin’s mined copper production increased by 60,000 tonnes to 210,000 tonnes from 2016 to 2017. It is estimated that, in 2018, Zijin will produce 244,000 tonnes of mined copper. Copper sector may contribute 40% of the profits of the company’s total profits in 2020 while 16% in 2016.
About Zijin Mining
Zijin Mining is a leading global metals and mining company and one of the world’s largest producers of gold, copper, and zinc. The company has more than 30 large-scale mining operations and projects across 19 countries on 5 continents. Leveraging strong in-house research, engineering, and development capabilities, Zijin maintains high operational efficiency and low costs in both acquisitions and operations. This enables the company to be an industry leader in value creation, underpinned by its philosophy of pursuing development for all and sustained by superior environmental, social, and governance performance. Zijin’s shares trade on the Hong Kong Stock Exchange (HKEX: 2899) and the Shanghai Stock Exchange (SSE: 601899).