Jinchuan Group International Resources (2362) H1 2025 earnings summary

Executive summary

• Revenue for 2025 1H was US$182.4 million, down 36% year-over-year, with all revenue from mining operations as trading contracts concluded in 2024.

• Profit attributable to shareholders was US$5.5 million, down from US$9.2 million in 2024 1H, mainly due to lower copper cathode sales and reduced payability for sulphide concentrates, partially offset by lower production costs.

• Group produced 27,904 tonnes of copper (down 2%) and 71 tonnes of cobalt (down 90%) in 2025 1H, with cobalt production impacted by SX-EW suspension and DRC export bans.

• No interim dividend was declared for 2025 1H.

Financial highlights

• Gross profit decreased 11% to US$38.5 million.

• Adjusted EBITDA was US$68.7 million, down from US$75.0 million in 2024 1H.

• C1 cash cost per tonne of copper decreased 13% to US$3,881.

• Basic and diluted EPS were US$0.04 (2024 1H: US$0.07).

• Net cash from financing activities was US$97.4 million, with net cash used in operating activities of US$26.2 million.

Outlook and guidance

• Musonoi Mine commenced commercial production in November 2025, expected to drive future growth.

• Copper market outlook remains strong, supported by global trends in clean energy and EVs, but volatility expected due to supply-demand imbalances and policy factors.

• Cobalt market expected to remain tight due to DRC export restrictions, with supply shortages and elevated prices likely through the decade.

• The Group aims to enhance profitability through cost control and efficiency improvements.