Zijin Mining Reports Q1 Earnings of RMB 4.35 billion, up 140.4%
2021/04/20 5861

Zijin News - on April 16, Zijin Mining released financial results for Q1 2021.

²  Q1 earnings reached RMB 4.35 billion, up 140.4% YOY;

²  Net profit attributable to shareholders of the parent company stood at RMB 2.51 billion, up 141.4% YOY; and

²  Net operating cash flow was RMB 5.25 billion, up 125.6% YOY.


Our main products grew in volume over the same period last year - we produced 11.2 tonnes of mined gold, a YOY increase of 6%, 127,000 tonnes of mined copper, up 10.4% YOY, and 96,000 tonnes of mined zinc, up 11.9% YOY.


With all related activities going well, our three world-class mines - the Čukaru Peki copper-gold mine in Serbia, the Kamoa-Kakula copper mine and the Julong copper mine - will be begin producing this year. Their commissioning will bring new, higher growth for Zijin.


Activities related to the Upper Zone of the Čukaru Peki mine in Serbia are progressing as planned. The processing plant is entering into equipment commissioning and solo test-run stages, and is expected to be put into production at the end of June 2021.


Stage One of the Phase I Kamoa-Kakula copper project in the Democratic Republic of the Congo, with an annual extraction and processing capacity of 3.8 million tonnes, is 90% complete, and is expected to be put into operation by the end of Q2 2021. Prior to production, the project is expected to accumulate a surface stockpile of over 3 million tonnes of high-medium grade ore, containing more than 125,000 tonnes of copper.


Phase I of the Qulong copper-polymetallic mine, operated by Tibet Julong Copper, is moving forward as planned, and is scheduled for commissioning by end of 2021.


Further, significant progress has been made in negotiations on re-opening the Porgera gold mine in Papua New Guinea. BNL has signed a binding Framework Agreement with the PNG Government regarding future ownership and operatorship of Porgera, paving the way for the mine to reopen this year.