Zijin Mining Group (2899) Q3 2026 earnings summary

Executive summary

• YTD operating income reached RMB283.45bn, up 11.51% YoY; net profit attributable to owners rose 51.93% to RMB57.53bn, with operating cash flow up 61.74% to RMB84.28bn.

• Growth reflected higher metal prices, stronger mineral-product gross margins, steady release of production capacity and cost control.

Financial highlights

• Q3 operating income was RMB89.27bn, up 3.22% YoY; profit before tax RMB30.12bn, up 42.41%, and net profit RMB23.70bn, up 38.94%.

• YTD profit before tax rose 68.22% to RMB93.61bn; net profit rose 60.85% to RMB73.51bn.

• YTD net profit attributable to owners was RMB57.53bn, up 51.93%; adjusted for non-recurring items, it was RMB55.84bn, up 63.63%.

• Basic and diluted EPS were RMB2.163 and RMB2.106 for 9M, up 51.79% and 50.86%, respectively.

Outlook and guidance

• Zhunuo Copper Mine is expected to start production by end-2026; Xiongcun Copper Mine is expected to start by end-2028.

• Tres Quebradas, Lakkor Tso and Xiangyuan lithium projects are ramping up; Kigoma Port upgrades are expected to finish in H2 2027, opening the eastern Africa transport corridor.

• Incremental copper projects are planned for phased implementation amid slowing global copper production growth.