JINCHUAN INTL (02362.HK): Interim revenue jumps 152% to USD 460.2 million, profit attributable to shareholders rises to USD 47.8 million

NewTimeSpace News: On 14 September 2026, Jinchuan Group International Resources Co. Ltd (stock code: 02362) published its 2026 interim report, announcing unaudited results for the six months ended 30 June 2026. Revenue for the period was USD 460.2 million, up 152% from USD 182.4 million a year earlier; gross profit increased by USD 129 million from USD 38.5 million to USD 167.5 million; profit for the period was USD 61.0 million against USD 6.4 million a year earlier; and profit attributable to shareholders was USD 47.8 million against USD 5.5 million.

The revenue increase was driven mainly by higher revenue from copper products. During the period the Group produced 38,214 tonnes of copper (same period in 2025: 27,904 tonnes) and 4,345 tonnes of cobalt (71 tonnes), and sold 36,083 tonnes of copper (26,050 tonnes) and 349 tonnes of cobalt (nil). The average benchmark LME copper price for the first half of 2026 was USD 13,088 per tonne, up 39% from USD 9,432 per tonne a year earlier, while the Group's average realised copper price was USD 12,226 per tonne, 75% higher than USD 7,001 per tonne; cobalt revenue was USD 19.0 million and the average MB cobalt price was USD 25.56 per pound, up 94%. The C1 cash cost rose 42% to USD 5,494 per tonne from USD 3,881 per tonne, mainly due to higher mining and processing costs following the commissioning of Musonoi Mine.

On operations, the Group holds majority control over three operating mines in the DRC and Zambia together with one advanced exploration project: Ruashi Mine (open-cast oxide copper and cobalt mine, 70% held by JCI), Kinsenda Mine (underground copper mine, 77% held) and Musonoi Mine (underground copper and cobalt mine, 70% held), which commenced production in November 2025, plus the Lubembe Project and the Chibuluma South Mine (including the Chifupu Deposit) leased out under a finance lease agreement. Musonoi Mine produced 17,046 tonnes of copper and 4,101 tonnes of cobalt in the first half of 2026, while copper production at Ruashi Mine fell 49% to 6,484 tonnes and at Kinsenda Mine fell 3% to 14,684 tonnes. The Group also noted that export restrictions and quotas imposed by the DRC government affected cobalt sales and that the cobalt export quota for Musonoi Mine is pending agreement with the DRC State, with no cobalt sales recorded at that mine during the period.

Financially, as at 30 June 2026, the Group's bank balances and cash, including bank deposits, were USD 257.4 million against USD 171.2 million as at 31 December 2025; total bank borrowings, overdrafts and other borrowings were USD 480.7 million, alongside loans from related companies of USD 309.7 million; and the gearing ratio, defined as net debt over total equity, fell to 41.3% from 50.0% as at 31 December 2025. Cost of sales for the period was USD 265.6 million, up 99% year on year, and income tax expense was USD 47.8 million, mainly due to higher profit before tax and the DRC super profits tax triggered by the significant increase in copper price. The Board has resolved not to declare any interim dividend for the six months ended 30 June 2026.

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