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Zijin Mining: H1 Net Attributable Profit between RMB 6.2 to 6.6 billion

Zijin News - On July 1, Zijin Mining announced revenue estimates for the period between January and June, 2021. We expect a 156%-172% year-on-year increase in net profit attributable to shareholders of the parent company, to reach 6.2 to 6.6 billion yuan, which is more or less equivalent to our net attributable profit in 2020(6.5 billion yuan).

In the first half year of 2021, copper and zinc prices surged while gold price remains high. Zijin seized the opportunity, worked on increasing production, and improved internal management and efficiency. We realized a year-on-year increase in the output of gold, copper and zinc, which boosted our performance.

Further, significant progress with Zijin’s key construction projects has been made during the period.

In the DRC, the Kamoa-Kakula Copper Mine’s Phase I Project has commenced production in May ahead of schedule. After reaching its full capacity, the mine will deliver an annual output of around 200,000 tonnes of copper. This year, it will produce copper concentrate containing 80,000 to 95,000 tonnes of copper.

To be further expanded in phases, the Kamoa-Kakula Copper Mine is eventually expected to process 19 million tonnes of ore per annum and become the 2nd largest copper mine on the planet with a peak output of over 800,000 tonnes of copper. The mine is ramping up the capacity its Phase I operation, while pushing to commerce production at Phase II in Q3 2020.

The upper zone of the Čukaru Peki Copper and Gold Mine in Serbia began trial production in June. The operation will transition from mine construction to production in September. On average, it is expected to produce 91,000 tonnes of copper and 2.5 tonnes of gold per annum.