Jinchuan Group International Resources (2362) H1 2026 earnings summary

Executive summary

• Profit attributable to shareholders surged to US$47.8 million for 1H 2026 from US$5.5 million in 1H 2025, driven by higher copper prices and expanded production after Musonoi Mine's commissioning.

• Revenue rose 152% year-over-year to US$460.2 million, with copper sales volume up 38% and cobalt sales resuming after export quota changes.

• Musonoi Mine began commercial production in November 2025, significantly boosting output.

• No interim dividend declared for 1H 2026.

Financial highlights

• Revenue: US$460.2 million, up 152% from US$182.4 million in 2025 1H; copper sales volume: 36,083 tonnes (up from 26,050 tonnes); cobalt sales: 349 tonnes (2025: nil).

• Net profit: US$61.0 million (2025 1H: US$6.4 million); profit attributable to shareholders: US$47.8 million.

• Gross profit: US$167.5 million (2025 1H: US$38.5 million).

• Adjusted EBITDA: US$209.9 million (2025 1H: US$68.7 million).

• C1 cash cost per tonne of copper: US$5,494 (up 42% year-over-year).

Outlook and guidance

• Copper prices expected to remain high due to structural supply deficits and robust demand from electrification, clean energy, and AI infrastructure sectors.

• Cobalt prices supported by DRC export quotas and growing demand from EVs and energy storage.

• The Group aims to leverage Musonoi Mine's ramp-up for further growth and is actively exploring new trading opportunities.

• Management remains confident in overcoming market challenges and aims to improve efficiency and reduce costs.