Tag: mining

HONG KONG, Aug 16, 2022 - (ACN Newswire via SEAPRWire.com) - Zijin Mining Group Co., Ltd. (2899.HK; 601899:SH; "Zijin Mining" or "The Company") announced its interim results for the six months ended 30 June 2022 ("Reporting Period"). The Company realised RMB132.46 billion in operating income, up 20.57% year-on-year, while net profit attributable to owners surged to RMB12.63 billion, representing an increase of 89.95% compared with the same period last year. The profit increase was largely driven by the completion of major mine projects, including Serbia Zijin Mining, Kamoa Copper in the Democratic Republic of the Congo (DRC) and Julong Copper in China, which have commenced production and reached their designated production capacities on schedule. During the reporting period, the production volume of mine-produced copper and mine-produced gold amounted to 410,000 tonnes and 27 tonnes, representing an increase of approximately 70.47% and 22.79%, respectively. Zijin Mining 2022 Interim Results Highlights:For the six months ended 30 June 2022, the Group realised an operating income of RMB132.46 billion, representing an increase of 20.57% compared with the same period last year (same period last year: RMB109.86 billion).For the six months ended 30 June 2022, the Group realised a profit before tax of RMB18.57 billion, representing an increase of 61.90% compared with the same period last year (same period last year: RMB11.47 billion).For the six months ended 30 June 2022, the Group realised a net profit attributable to owners of the listed company of RMB12.63 billion, representing an increase of 89.95% compared with the same period last year (same period last year: RMB6.65 billion).As of 30 June 2022, the Group's total assets was RMB271.57 billion, representing an increase of 30.19% compared with the beginning of the year (beginning of the year: RMB208.60 billion).As of 30 June 2022, the Group's net assets attributable to owners of the listed company was RMB77.47 billion, representing an increase of 9.06% compared with the beginning of the year (beginning of the year: RMB71.03 billion).CHEN Jinghe, Chairman of Zijin Mining, commented, "Our strong performance in the first half of 2022 is attributable to the strengths of the Company's global growth strategy. By leveraging Zijin Mining's strong financial resources and track record of mining expertise, we will continue to seek opportunities and add to our global asset mix. As the world races towards a 'net-zero' transition, we have also allocated resources globally to increase our competitiveness in new energy minerals. Looking forward, Zijin Mining will continue to work closely with in-country local communities and government authorities to ensure our mission of 'Mining for a Better Society'."Heralding new energy minerals boomWith a 15% equity stake in the DRC Manono Lithium-tin project and the completed acquisition of Neo Lithium Corp and its flagship 3Q Lithium Project in Argentina, the Company has continued to prioritize new energy minerals such as copper, lithium and other metallic minerals. Zijin Mining currently owns over 10 million tonnes of lithium carbonate equivalent resources, with long-term development plans to boost annual production capabilities to over 150,000 tonnes per year, laying the foundation for becoming a leading lithium producer and meeting growing demand amid the global 'clean energy transition'.Construction at the 3Q Lithium Project has accelerated and first-stage trials of brine mining and solar evaporation have been concluded. Completion of the 3Q Project and commercial production is planned for the end of 2023. The Company has also accelerated the construction and development of the Lakkor Tso project and Xiangyuan project, with the Company having finalised a 70% acquisition of the former and is near completion on a 71% acquisition of the latter.Increased investment to tackle global climate change During the reporting period, the Company prioritized strict controls of pollution emissions. SO2 and NOx emissions intensity by revenue decreased by 25.59% and 4.22%, respectively. The Company's investment in environmental protection measures also continued to increase during the first half of 2022, amounting to RMB577 million, of which RMB271 million was used for ecological restoration, representing an increase of 67% compared with the same period last year. Zijin Mining's efforts at the Kamoa-Kakula Mining Complex in the DRC have also ensured the project is on track to become one of the world's 'greenest copper producers'. With RMB120 million already invested as of the end of 2021, the Company continues to enhance and invest in the rehabilitation of the Mwadingusha, Inga G25 and related networks to realise the overall electrification of the mining fleet, and further reduce the GHG emissions per tonne of copper produced from the project.During the reporting period, the Company obtained a 25.04% equity share in Fujian Longking Co., Ltd. (Longking) and secured controlling rights through corporate governance and other arrangements. Zijin Mining aims to leverage this new acquisition's leading environmental management service expertise to further minimize the Company's global carbon footprint; and promote Longking's strategic 'environmental protection + new energy' transformation to achieve greater industrial synergy.During the reporting period, the Company continued its biodiversity and restoration efforts, with a total area of restored vegetation amounting to 7.92 million m2, and over 839,000 trees planted. Mining for a Better SocietyAdhering to the United Nations Sustainable Development Goals, Zijin Mining remains steadfast in promoting its core value of 'Mining for a Better Society'. The Company's efforts have been widely applauded for its contributions to the social and economic development of local communities and host countries where projects are located. With global operations, the Company has continued to deliver on its social development and responsibility commitments, including the USD4.4 million development plan for the Musonoie community in the DRC and support of the 'Sustainable Livelihoods Program' at the Kamoa-Kakula Mining Complex providing approximately 12,000 community members with clean water. Zijin Mining also supports the coffee growers of Western Antioquia, Colombia, through training, construction of infrastructure and maintenance of coffee plantations, helping coffee-growing families increase their scale and ability in 'going abroad'. In Serbia, the Company also maintains investments for environmental protection and community support, amounting to over USD200 million since 2018. During the reporting period, the Company also launched the 'For a Better Future Program' to support local Serbian students, by offering scholarships and providing school supplies.ZOU Laichang, President of Zijin Mining and Director of the ESG Management Committee, commented, "We have made significant steps towards our goal of 'Mining for a Better Society' as Zijin Mining strives for even higher-quality sustainable development. The Company actively promotes local industries, local employment and local procurement policies across our global network, aiming to contribute to global economic growth and supporting the betterment of all people in all countries."* USD1 = RMB6.7423 Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)