Zijin Mining profit surges 52% on copper, gold prices
Zijin Mining Group, China’s biggest metals producer, saw profit surge 52% last year on higher output, and rising prices of copper and gold.
Net income rose to 32.1-billion yuan ($4.4-billion), the Fujian-based company said in an exchange filing, while sales climbed 3.5% to 303.6-billion yuan. The company had expected earning to increase 53% to 32-billion yuan.
The Chinese miner has grown aggressively in the past decade, becoming a major global copper supplier by building out big new projects in the Democratic Republic of Congo and China.
With the security of critical mineral supply becoming a major concern for major powers, Zijing chairman Chen Jinghe said in the earnings report that the company remains committed to strengthening its global competitiveness to enhance its resilience to risks.
There are signs of a slowdown in the immediate pace of expansion; however, with the company in January lowering its output target for copper by about 6% to 1.15 million tons for this year. Zijin’s foray into lithium has also faltered — it produced small volumes last year and slashed its production goal for 2025 by around 60% to 40 000 t.
The downgrade of the company’s expected copper output came amid resistance to Chinese acquisitions across Western markets, which slowed its overseas expansion. Still, analysts from Bloomberg Intelligence expect Zijin to reach five-year targets by 2028, including an increase of as much as 58% in copper output, and 62% in gold.
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