Zijin Mining Group (2899) Q3 2024 earnings summary

Executive summary

• Operating income for Jan–Sept 2024 reached RMB230.40 billion, up 2.39% year-over-year; net profit attributable to owners rose 50.68% to RMB24.36 billion.

• Q3 2024 operating income was RMB79.98 billion, up 7.11% year-over-year and 6% sequentially; Q3 net profit attributable to owners was RMB9.27 billion, up 58.17% year-over-year and 5% sequentially.

• Production of mine-produced gold, copper, and silver increased 8%, 5%, and 7% year-over-year, respectively, while mine-produced zinc fell 4%.

Financial highlights

• Profit before tax for Jan–Sept 2024 was RMB35.33 billion, up 47.56% year-over-year; Q3 profit before tax was RMB13.74 billion, up 63.64% year-over-year.

• Net cash flows from operating activities for Jan–Sept 2024 were RMB36.11 billion, up 40.38% year-over-year.

• Basic EPS for Jan–Sept 2024 was RMB0.923, up 50.08% year-over-year; Q3 basic EPS was RMB0.349, up 56.50% year-over-year.

• Total assets as of 30 Sept 2024 were RMB378.06 billion, up 10.22% from year-end 2023; equity attributable to shareholders was RMB134.16 billion, up 24.80%.

Outlook and guidance

• Lithium carbonate project launches in Argentina and Tibet postponed to 2025 due to permitting delays and weak prices; cost optimization and process improvements ongoing.