Zijin News April 29th, Zijin Mining released its first quarter of 2019 performance announcement. From January to March, the company achieved sales revenue of RMB 29.04 billion, total profit of RMB 1.43 billion, and net profit attributable to shareholders of RMB 870 million. The company's operating income and main business of mined gold, copper and zinc production both achieved year-on-year growth of more than 25%.
According to the first quarter report, Zijin's output of mined gold, copper and zinc was 9.7 tonnes, 84,000 tonnes and 94,000 tonnes respectively, up 27%, 42% and 26% respectively. The company's sales revenue increased by 27%. However, due to the significant decline in the prices of copper and zinc during the first quarter of this year, and new M&A projects' not being profitable during the transition period, the company's profits decreased by 210 million RMB year-on-year.
In the first quarter, Zijin focused on improving future increments, and made new breakthroughs by actively promoting major influential projects acquired. After the completion of Zijin Bor Copper Mine, a newly acquired project in 2018, the production and operation indicators gradually improved within three months and turned losses into profits in March. Serbian President Vucic and the Chinese embassy in Serbia highly praised the positive changes of the project. In addition, Zijin's Africa project achieved a new level of speed of "internationalization"- 4 months right after the big success of the 9-month construction of the Phase II copper and cobalt project of Kolwezi Copper Mine, its first qualified cathode copper plate rolled off the hydrometallurgical production line, becoming a large-scale copper mine with an annual output of 10,000 tonnes. Currently the company is preparing cobalt production soon.