Jinchuan Group International Resources (2362) H2 2024 earnings summary

Executive summary

• Revenue decreased 12% year-over-year to US$561.9 million, mainly due to lower trading revenue and reduced cobalt sales volume.

• Loss attributable to shareholders narrowed to US$2.5 million from US$11.6 million in 2023, driven by higher copper revenue, lower VAT impairment, and reduced income tax expense.

• Gross profit declined 21% to US$55.9 million, impacted by higher mining and processing costs and lower payability for copper sulphide concentrates.

• Adjusted EBITDA rose to US$132.4 million from US$111.9 million, reflecting improved core operational performance.

Financial highlights

• Revenue: US$561.9 million (down 12% year-over-year).

• Gross profit: US$55.9 million (down 21% year-over-year).

• Loss for the year: US$1.3 million (2023: loss of US$10.7 million).

• Loss attributable to shareholders: US$2.5 million (2023: US$11.6 million).

• Adjusted EBITDA: US$132.4 million (2023: US$111.9 million).

• C1 cash cost per tonne of copper: US$4,859 (up 3% year-over-year).

Outlook and guidance

• Copper prices are expected to remain strong, supported by demand from renewable energy and electric vehicles.

• Cobalt market volatility anticipated due to DRC export restrictions and global supply chain risks.

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