China Nonferrous Mining Corporation (1258) H1 2025 earnings summary

Executive summary

• Achieved total profit of US$533 million in H1 2025, up 23.1% year-over-year; net profit attributable to owners was US$263.3 million, up 20.2% year-over-year.

• Revenue was US$1,751.5 million, down 12.9% year-over-year, mainly due to lower sales volume of self-produced copper products.

• Copper production from self-owned mines reached 85,200 tonnes, up 7.2% year-over-year.

• Announced acquisition of partial equity in Benkala copper mine in Kazakhstan, expanding resource footprint.

• Maintained high dividend payout ratio and strengthened investor relations.

Financial highlights

• Gross profit increased 11.4% to US$570.3 million; gross profit margin rose to 32.6% from 25.5% year-over-year.

• Cost of sales decreased 21.1% to US$1,181.3 million.

• Finance costs dropped to US$1.2 million from US$6.3 million year-over-year.

• Net cash from operating activities was US$525.9 million, up from US$413.1 million year-over-year.

• Total capital expenditure was US$108.4 million, up from US$46.0 million year-over-year.

Outlook and guidance

• Full-year production guidance reduced due to temporary suspension at Chambishi Southeast Mine after a safety incident.

• Smelting and processing fees expected to remain low, impacting profitability.

• New mine projects at Luanshya and Kambove Mining entering construction phase, with production expected in coming years.

• Plans to acquire controlling stake in Benkala project and pursue further M&A opportunities.

• Copper prices expected to remain high due to tight supply and resilient demand.