Jinchuan’s copper production jumps as new mine begins operations
Miner Jinchuan Group International Resources Co. Ltd. (2362.HK) on Tuesday reported its operations produced 57,929 tons of copper in the first nine months of the year, up 32% year-over-year, while its cobalt production skyrocketed 88-fold to 6,254 tons.
The company said it sold 58,586 tons of copper during the period, up 40% from a year earlier. Meanwhile, it sold 494 tons of cobalt, compared to zero a year earlier.
The massive production spikes were largely driven by the company’s Musonoi Mine in the Democratic Republic of Congo, which commenced commercial operations last November, according to Jinchuan. However, that growth was partially offset by a decline in output at its Ruashi Mine.
Shares of Jinchun opened up 1.7% at HK$0.61 on Wednesday. The stock is down nearly 50% from its 52-week high.
By Lau Chi Hang
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