Jinchuan Group International Resources (Jinchuan Intl) released its interim results for the six months ended 30 June 2025.
• Revenue fell 36.0% year-on-year to US$182.37 million, entirely generated by the mining segment after the completion of trading contracts in 2024.
• Gross profit slipped 11.0% to US$38.52 million, while C1 cash cost per tonne of copper fell 13.2% to US$3,881, reflecting lower mining and processing expenses.
• Profit attributable to shareholders decreased 40.2% to US$5.52 million; net profit stood at US$6.38 million after a 49.3% rise in income-tax expense to US$9.72 million.
• Copper sales volume edged down 0.7% to 26,050 tonnes, with the average realised price dropping 12.2% to US$7,001/t amid a shift to lower-payability sulphide concentrate at Ruashi Mine. – Copper production slipped 2.4% to 27,904 tonnes. – Cobalt production plunged 89.6% to 71 tonnes following the temporary shutdown of the SX-EW system and the DRC export ban; no cobalt sales were recorded.
• Operating mines – Ruashi Mine: copper output 12,765 tonnes (-4%); cobalt output 71 tonnes (-90%). – Kinsenda Mine: copper output 15,139 tonnes (-1%) on higher grades but lower throughput; average realised copper price US$8,276/t (+9%).
• Development & exploration – Musonoi Project remained under construction; key underground works and plant installation progressed, with commercial production targeted for November 2025. – Lubembe exploration continued; mineral resource model was updated in 2021 and optimisation studies are ongoing.
• Capital expenditure totalled US$56.68 million, of which US$46.88 million related to Musonoi’s deep-processing facilities.
• Financial position – Cash and bank balances rose to US$156.23 million (31 Dec 2024: US$92.29 million). – Total bank borrowings and overdrafts increased to US$446.74 million (31 Dec 2024: US$383.57 million). – Net gearing remained stable at 47.5%.
• No interim dividend was declared.
Management cited a temporary suspension of the Ruashi SX-EW plant, lower copper payability and the DRC cobalt export restrictions as key drags on performance, partially offset by reduced operating costs and higher copper prices at Kinsenda. The group expects the forthcoming launch of Musonoi to underpin future growth.