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Jinchuan Group International Resources (2362) investor relations material
Jinchuan Group International Resources H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved a turnaround from loss to profit in 2024 1H, driven by higher copper prices, lower production costs, absence of cobalt inventory impairment, and reduced net exchange losses compared to 2023 1H.
Produced 28,578 tonnes of copper (down 5% YoY) and 681 tonnes of cobalt (down 50% YoY); sold 26,222 tonnes of copper and 991 tonnes of cobalt.
Revenue decreased 14% YoY to US$283.0 million, mainly due to lower trading revenue and reduced copper/cobalt production.
Net profit attributable to shareholders was US$9.2 million, reversing a US$12.5 million loss in 2023 1H.
Financial highlights
Revenue: US$283.0 million (down 14% YoY).
Gross profit: US$43.0 million (up 52% YoY).
Net profit: US$12.8 million (vs. net loss of US$10.0 million in 2023 1H).
EBITDA: US$75.0 million (up from US$40.2 million YoY).
C1 cash cost per tonne of copper: US$4,469 (down 13% YoY).
Basic and diluted EPS: US$0.07 cents (vs. -US$0.10 cents YoY).
Outlook and guidance
Copper prices expected to rise in late Q3 and Q4 2024, supported by infrastructure and energy transition demand.
Cobalt prices likely to remain subdued in the short term due to oversupply, but long-term demand remains strong, especially from the EV sector.
Musonoi Project construction progressing well, with commissioning targeted for early 2025.
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