Financial Performance - In the first half of 2022, the company achieved revenue of $2,206.9 million, an increase of 4.6% year-on-year[14]. - The net profit attributable to shareholders for the first half of 2022 was $196.2 million, a decrease of 17.7% year-on-year[14]. - The group's revenue for the first half of 2022 was $2,206.9 million, an increase of 4.6% year-on-year, while profit attributable to owners decreased by 17.7% to $196.2 million due to production declines and copper price volatility[18]. - The sales revenue from cathode copper was $639.9 million, a 36.7% increase from $468.2 million in the same period of 2021, driven by increased sales volume and average price[37]. - The gross profit for the first half of 2022 was $531.0 million, a decrease of 14.2% from $618.6 million in the same period of 2021, with a gross margin decline from 29.3% to 24.1%[40]. - The total profit for the six months ended June 30, 2022, was $293,358 thousand, reflecting a decrease from $348,220 thousand in the same period of 2021, a decline of 15.8%[93][94]. Production and Operations - The company produced 201,644 tons of crude copper and anode copper, a decrease of 4.3% year-on-year[15]. - The production of cathode copper reached 71,932 tons, an increase of 22.8% year-on-year[15]. - The production of cobalt hydroxide was 845 tons, a significant increase of 682.4% year-on-year[15]. - The group processed 36,602 tons of copper products, marking a 90.6% increase year-on-year, indicating strong demand for processing services[27]. - The production of sulfuric acid was 522,409 tons, a slight decrease of 0.6% compared to the previous year[27]. - The group achieved a production of 14,710 tons of cathode copper at the newly operational Kambove mine, contributing to overall output[26]. Financial Position - As of June 30, 2022, the group had cash and cash equivalents of $808.2 million, an increase of $201.5 million from $606.7 million as of December 31, 2021[46]. - The total inventory as of June 30, 2022, was $858.8 million, an increase of $10.5 million from $848.3 million as of December 31, 2021, primarily due to an increase in finished goods inventory[47]. - The debt ratio as of June 30, 2022, was 1.8%, significantly down from 16.9% as of December 31, 2021[56]. - Total assets as of June 30, 2022, increased to $4,328,049 thousand from $4,163,984 thousand at the end of 2021, reflecting a growth of 3.9%[84]. - Total liabilities rose to $2,037,655 thousand as of June 30, 2022, compared to $1,992,100 thousand at the end of 2021, marking an increase of 2.3%[84]. Market and Economic Outlook - The international copper price is expected to stabilize in the second half of the year, supported by strong demand from the power and new energy sectors[11]. - The International Copper Study Group (ICSG) forecasts a 4.3% increase in global refined copper production for 2022, with supply growth outpacing demand growth, leading to a decline in copper prices[69]. Corporate Governance and Social Responsibility - The board of directors has committed to maintaining high standards of corporate governance, ensuring effective oversight of legal cases, related transactions, and internal control risks[62]. - The group actively participates in community development and social responsibility initiatives, contributing to local economic growth through job creation and tax revenue[68]. - The group has implemented advanced environmental management practices to enhance resource recycling and pollution control[67]. Employee and Management Information - The group employed a total of 8,874 employees as of June 30, 2022, with 905 from China and 7,969 from Zambia and the Democratic Republic of Congo[63]. - Total employee costs for the six months ended June 30, 2022, were approximately $65.5 million, compared to $54.8 million for the same period in 2021, reflecting a year-over-year increase of 19.8%[63]. - Total compensation for directors and key management personnel was $499 thousand for the six months ended June 30, 2022, down from $632 thousand in the same period of 2021, representing a decrease of approximately 21%[147]. Investment and Capital Expenditure - The total capital expenditure for the first half of 2022 was $34.4 million, a decrease of $87.0 million from $121.4 million in the same period of 2021[49]. - The group has no significant investments or acquisitions during the six months ended June 30, 2022, and no plans for major investments or capital asset purchases[55]. Risk Management - The group faces market risks primarily from commodity price fluctuations, particularly copper, and has entered into futures contracts to mitigate these risks[51]. - The group operates in Zambia and the Democratic Republic of Congo, exposing it to foreign exchange risks, which it manages through hedging activities[52].