Jinchuan Group International Resources (2362) H2 2025 earnings summary

Executive summary

• Achieved a turnaround to a profit attributable to shareholders of US$32.7 million in 2025 from a US$2.5 million loss in 2024, driven by higher copper prices and effective cost control.

• Revenue decreased 14% year-over-year to US$481.9 million due to lower sales volumes and completion of trading contracts.

• Gross profit nearly doubled to US$110.8 million, reflecting improved copper pricing and reduced mining and processing costs.

• Commercial production commenced at Musonoi Mine in November 2025, expanding operational capacity.

Financial highlights

• Revenue: US$481.9 million (down 14% year-over-year).

• Gross profit: US$110.8 million (up 98% year-over-year).

• Net profit: US$38.2 million (2024: net loss of US$1.3 million).

• Adjusted EBITDA: US$202.6 million (up from US$132.4 million in 2024).

• C1 cash cost per tonne of copper: US$4,607 (down 5% year-over-year).

Outlook and guidance

• Copper market expected to remain volatile but supported by global trends in clean energy and EVs.

• Cobalt market to remain tight in 2026 due to DRC export restrictions and supply chain vulnerabilities.

• Group aims to leverage new production at Musonoi Mine for future growth.