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Zijin Mining Achieved a Profit of about RMB 4.1 Billion in 2018, with a Cash Flow over RMB 10 Billion
2019/03/28 5537

Zijin News Mar. 22nd-Zijin Mining released its 2018 Annual Report. The group's total assets and operating income both broke through the RMB 100 billion mark, increased by 26.4% and 12.1% year-on-year respectively, with a net profit of RMB 4.094 billion, increased by 16.7%, and a cash flow of RMB 10.233 billion, increased by 4.8%.

In 2018, Zijin Mining achieved new breakthroughs in business, reform and development. The main business of mined gold, copper and zinc production kept on the top three in the Chinese mining industry. Except the slight decrease in gold production due to the earthquake in Porgera Gold Mine, mined copper production increased by 19.52% to 248,600 tons, and mined zinc increased 2.98% to 278,000 tons, mainly due to the completion in advance of the second phase Cu&Co processing plant of the Kolwezi Copper Mine in DRC, and the increments from the second phase expansion of the Duobaoshan Copper Mine in Heilongjiang Province.

Zijin's overseas business grew rapidly, contributions at home and abroad became increasingly balanced. The output of overseas mined gold, copper and zinc reached 19.07 tons, 60,100 tons and 99,900 tons respectively, accounting for 52.3%, 24.2% and 35.9% of the Group's total.

Zijin's overseas M&A made a quantum leap. The newly acquired Serbian RTB BOR Group and Canada's NEVSUN Corporation significantly increased the actual capacity and resource reserves, which facilitated its sustainable development. By the end of 2018, Zijin's resources reserves of gold, copper, lead and zinc had reached 1,727.97 tons, 49.521 million tons and 9.5853 million tons, the overseas ratio of which had reached 65.5%, 78.3% and 25.3% respectively. It is worth noting that Zijin's copper resource reserves are close to the level of world-class mining companies.

In 2019, Zijin Mining will adhere to the direction of internationalization, comprehensively promote the construction of newly acquired projects with significant influence, transforming resource advantages into profits at full speed. The company will focus on the construction of the Kamoa Copper Mine in DRC and the upper belt of the Timok Copper Mine in Serbia, and actively promote the upgrade and expansion of the Kolwezi Copper Mine in DRC and the Bor Copper Mine in Serbia, and the operational integration of the Bisha zinc polymetallic mine in Eritrea.