•  Revenue reached RMB 150.4 billion, with a net profit attributable to the parent company reaching RMB 15.1 billion, a 46.4% increase year over year.

• Excluding non-recurring items, the net profit attributable to the parent company surged 59.8% year-on-year to RMB 15.43 billion.

• Strong production growth: 519,000 tonnes of mined copper and 35.4 tonnes of mined gold, accompanied by maximum concentrate sales at lower costs.

On August 23, Zijin Mining announced its financial results for the first half of 2024, reporting record-breaking performance.

Guided by its new five-year strategic plan, Zijin Mining saw strong growth across its core metals portfolio, with both production volumes and prices rising. The company produced 519,000 tonnes of mined copper, 35.4 tonnes of mined gold, 222,000 tonnes of mined zinc (lead), and 210.3 tonnes of mined silver. Notably, copper and gold production increased by 5.3% and 9.5% year-on-year.

Amid rising cost pressures worldwide, Zijin Mining accelerated the development of its unique global operations management system, focusing on cost control in overseas projects. This strategy has begun to pay off, with sales costs for copper and gold concentrates decreasing by 8.8% and 6.7%, respectively, from the previous half-year period.

Technological innovation is a key factor in Zijin Mining's growth and new competitive advantages. In the first half of 2024, the company enhanced its R&D structure by establishing the Central Research Institute. Notable achievements include Zijin Copper's "New Technology for Green and Efficient Extraction of Rare and Precious Metals and Its Application," which won the Second Prize in the National Science and Technology Progress Award. The company also made strides in block-caving mining technology, renewable energy, and advanced materials technologies such as hydrogen fuel cells and rubidium-cesium material applications. Additionally, the research and development in copper-molybdenum separation technology at Duobaoshan Copper Mine shows promising results.

Zijin Mining has also made significant progress in expanding its resource base and production capacity, building a strong foundation for sustainable, high-quality growth. The combined copper resource additions at the Julong and Duobaoshan Copper Mines reached 18.377 million tonnes, with newly added reserves of 5.777 million tonnes. Exploration at the MG area in the south of the Čukaru Peki Copper-Gold Mine in Serbia suggests the potential for a large, high-grade copper-gold deposit. Positive developments have also been made in explorations around the Buriticá Gold Mine, the northeastern part of the Manono Lithium Mine, Norton Gold Fields, Shanxi Zijin, Xiangyuan Lithium Mine, and Beizhan Iron Mine.

Several key expansion projects have progressed rapidly, showcasing the "Zijin Speed." The Phase III concentrator at the Kamoa Copper Mine was completed six months ahead of schedule and is expected to boost annual copper production to over 600,000 tonnes, making it Africa's largest and the world’s third-largest copper mine. Other on-schedule completions include the 2.4 million tonnes per annum mining and processing project and the 5 tonnes per annum gold smelting project at the Sawaya’erdun Gold Mine in Xinjiang, China. The initiative to increase the combined annual copper production capacity of Serbia Zijin Mining and Serbia Zijin Copper to 450,000 tonnes is well advanced. Similarly, Julong Copper is on track to boost the annual production capacity of the first and second phases to 300,000 to 350,000 tonnes. In addition, the underground mining project at Tongshan Copper Mine in Heilongjiang, China, Phase I of the underground mining at Aurora Gold Mine in Guyana, and the construction of the "Two Lakes and Two Mines" lithium segment are progressing smoothly.

Alongside its robust financial growth, Zijin Mining continues to promote sustainability initiatives, including transitioning from oil to electricity and natural gas and promoting solar power, reinforcing its commitment to a green, low-carbon future.

Translator:Lin Xinjing   Reviser: Jian   Editor-in-Chief: Wang Jie