Jinchuan Group International Resources (2362) H1 2026 earnings summary

Executive summary

• Profit attributable to shareholders surged to US$47.8M for 1H 2026 from US$5.5M in 1H 2025, driven by higher copper prices and expanded production after Musonoi Mine's commissioning.

• Revenue rose 152% year-over-year to US$460.2M, reflecting increased copper sales volume and prices.

• Musonoi Mine began commercial production in November 2025, significantly boosting output.

• No interim dividend declared for 1H 2026.

Financial highlights

• Revenue: US$460.2M (up 152% YoY); copper sales volume: 36,083 tonnes (up from 26,050 tonnes); cobalt sales: 349 tonnes (2025: nil).

• Gross profit: US$167.5M (2025: US$38.5M); net profit: US$61.0M (2025: US$6.4M).

• Adjusted EBITDA: US$209.9M (2025: US$68.7M).

• C1 cash cost per tonne of copper: US$5,494 (up 42% YoY).

• Earnings per share: 0.36 US cent basic (2025: 0.04 US cent).

Outlook and guidance

• Copper prices expected to remain high due to structural supply deficits and strong demand from electrification and AI infrastructure.

• Cobalt prices supported by DRC export quotas and robust demand from EV and energy storage sectors.

• Management remains confident in overcoming market challenges and aims to improve efficiency and reduce costs.