BRIEF: Zijin profit surges 51% in 2024

2899.HK
Baidu does infrastructure

Metals miner Zijin Mining Group Co. Ltd. (2899.HK) said on Tuesday that it earned a profit of about 32 billion yuan ($4.4 billion) last year, up 51.5% year-on-year. Its net profit excluding non-recurring items rose by 45.3% year-on-year to 9.78 billion yuan.

The company attributed the big jump mainly to increased volume and prices for its major metallic mineral products, while it kept its costs under control and improved the operational capabilities of overseas subsidiaries. During the period, the company’s mine-produced copper production increased from 1.01 million tons in 2023 to 1.07 million tons last year.

The company said it plans to mine 1.15 million tons of copper this year, as well as 85 tons of gold and 440,000 tons of zinc.

Shares of Zijin opened up nearly 1% at HK$15.14 on Wednesday but later reversed course and were down about 1.5% late in the morning session. The company’s shares are down more than 20% over the past year.

By Lau Chi Hang

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