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五矿资源(01208) - 2024 - 年度业绩
01208MMG(01208)2025-03-04 10:21

Financial Performance - For the fiscal year ending December 31, 2024, MMG reported a net profit after tax of 366.0million,asignificantincreasefrom366.0 million, a significant increase from 122.1 million in 2023, representing a growth of 200%[8]. - EBITDA for 2024 reached 2,048.7million,up402,048.7 million, up 40% from 1,461.9 million in 2023, with an EBITDA margin of 46% compared to 34% in the previous year[11]. - The company reported a significant increase in mineral resources, with a net increase of 2.6 million tons of copper and 1.4 million tons of zinc across five mines[20]. - The company achieved a net profit of 366millionfor2024,asignificantincreasefrom366 million for 2024, a significant increase from 122.1 million in 2023, representing a 200% growth[25]. - Total revenue increased by 132.7million(3132.7 million (3%) to 4,479.2 million, primarily driven by a rise in commodity prices, which contributed 467.2million,partiallyoffsetbyadecreaseinsalesvolumeof467.2 million, partially offset by a decrease in sales volume of 334.5 million[39]. - The company reported a total comprehensive income of 328.1millionfor2024,significantlyhigherthan328.1 million for 2024, significantly higher than 83.8 million in 2023[175]. - Basic earnings per share for 2024 were 1.53,comparedto1.53, compared to 0.10 in 2023, reflecting a substantial growth[172]. Production and Operations - Las Bambas generated an EBITDA of 1,549.3million,a141,549.3 million, a 14% increase due to reduced production costs and rising commodity prices[8]. - MMG achieved a 15% year-on-year increase in copper production and an 8% increase in zinc production in 2024[17]. - Copper production increased by 15% year-over-year to 399,758 tons, while zinc production rose by 8% to 219,901 tons, with all mines meeting their annual targets[26]. - Las Bambas copper production is projected to be between 360,000 tons and 400,000 tons in 2025, with C1 costs estimated between 1.50/lb and 1.70/lb[12].−Kinsevere′selectrolyticcopperproductionisexpectedtorangefrom63,000tonsto69,000tonsin2025,withC1costsprojectedtodecreasetobetween1.70/lb[12]. - Kinsevere's electrolytic copper production is expected to range from 63,000 tons to 69,000 tons in 2025, with C1 costs projected to decrease to between 2.50/lb and 2.90/lb[12].−Khoemacau′scopperproductionisanticipatedtoreachbetween43,000tonsand53,000tonsin2025,withC1costsestimatedbetween2.90/lb[12]. - Khoemacau's copper production is anticipated to reach between 43,000 tons and 53,000 tons in 2025, with C1 costs estimated between 2.30/lb and 2.65/lb[12].−DugaldRiver′szincproductionisprojectedtobebetween170,000tonsand185,000tonsin2025,withC1costsexpectedtorisetobetween2.65/lb[12]. - Dugald River's zinc production is projected to be between 170,000 tons and 185,000 tons in 2025, with C1 costs expected to rise to between 0.75/lb and 0.90/lb[12].−Rosebery′szincproductionisexpectedtorangefrom45,000tonsto55,000tonsin2025,withC1costsestimatedbetween0.90/lb[12]. - Rosebery's zinc production is expected to range from 45,000 tons to 55,000 tons in 2025, with C1 costs estimated between 0.25/lb and 0.40/lb[12].CapitalExpenditureandInvestments−Thecapitalexpenditurefor2024totaled0.40/lb[12]. Capital Expenditure and Investments - The capital expenditure for 2024 totaled 927.6 million, consistent with guidance, with significant allocations for the Kinsevere expansion and ongoing projects at Las Bambas[8]. - Total capital expenditure for 2025 is projected to be between 1,200millionand1,200 million and 1,300 million, with significant allocations for Las Bambas, Khoemacau, and Kinsevere[12]. - MMG announced an agreement to acquire a Brazilian nickel company for up to 500million,markingitsfirstinvestmentinBrazilandenhancingitsexposuretobasemetals[9].−ThecompanycompletedtheacquisitionofKhoemacaumineforatotalconsiderationofapproximately500 million, marking its first investment in Brazil and enhancing its exposure to base metals[9]. - The company completed the acquisition of Khoemacau mine for a total consideration of approximately 1,734.7 million on March 22, 2024[82]. - The rights issue resulted in the allocation of 3,465,432,486 shares, with total proceeds of 1,152.4millionaftercosts,achievingapproximately2.8timesoversubscription[87].FinancialPositionandRatios−Thecompany′sleverageratioimprovedto411,152.4 million after costs, achieving approximately 2.8 times oversubscription[87]. Financial Position and Ratios - The company's leverage ratio improved to 41%, marking a historical low, attributed to a 1,152.4 million rights issue and strong cash flow from Las Bambas[8]. - The asset-to-liability ratio reached a new low, marking the strongest balance sheet in a decade, attributed to strategic initiatives including a rights issue and reduced project financing[25]. - Total assets increased by 3,085.1millionto3,085.1 million to 14,985.9 million as of December 31, 2024[80]. - Total equity rose by 1,966.5millionto1,966.5 million to 6,278.5 million as of December 31, 2024[80]. - The debt-to-equity ratio improved from 0.50 in 2023 to 0.41 in 2024[80]. - The company’s cash and cash equivalents decreased to 192.7millionin2024from192.7 million in 2024 from 447.0 million in 2023, a decline of 56.9%[177]. Operational Efficiency and Cost Management - Operating expenses decreased by 18% to 2,299.2million,comparedto2,299.2 million, compared to 2,814.1 million in 2023, reflecting improved operational efficiency[34]. - Total production costs for 2024 were 1,254.1million,adecreaseof1,254.1 million, a decrease of 26.6 million (2%) compared to 2023, mainly due to lower prices for diesel and other materials[54]. - C1 cost for 2024 was 1.51perpound,downfrom1.51 per pound, down from 1.60 per pound in 2023, reflecting increased copper production and reduced cash production costs[56]. - The company successfully integrated Khoemacau after its acquisition and achieved profitability in the same year[17]. Safety and Governance - The total recordable injury frequency (TRIF) was 2.06 per million hours worked, with no high-potential injury events reported in the last seven months of 2024[24]. - The company emphasized the importance of safety, cost optimization, and governance in its operational strategy moving forward[25]. - The company has complied with all provisions of the Corporate Governance Code for the year ending December 31, 2024, except for a deviation regarding the dividend policy[162]. Exploration and Development - The Kinsevere expansion project was completed on September 15, 2024, with a focus on ramping up copper production in 2025[8]. - Khoemacau aims to increase copper concentrate production to 60,000 tons annually by 2026-2027, with a new processing plant of 4.5 million tons per year planned to expand capacity to 130,000 tons[94]. - The Chalcobamba development project aims to increase annual production capacity to 350,000 to 400,000 tons, with initial work starting in early February 2024 and stable ore supply expected from the second half of 2024[92]. Risk Management - Financial risk management includes the use of derivative financial instruments to hedge against commodity price risks, with specific hedges in place for 5,500 tons of copper and 900 tons of zinc[118]. - The group faces interest rate risk primarily from floating-rate loans, with a potential after-tax profit increase of 0.8millionifratesriseby100basispointsin2024[124].−Thegroup’sforeignexchangeriskisprimarilyfromcurrenciesincountrieswhereitoperates,witha100.8 million if rates rise by 100 basis points in 2024[124]. - The group’s foreign exchange risk is primarily from currencies in countries where it operates, with a 10% depreciation of the Australian dollar expected to decrease after-tax profit by 6.6 million in 2024[130]. Community and Environmental Commitment - The group has publicly committed to gradually reducing annual greenhouse gas emissions and offsetting emissions, with plans to change mining and processing methods to achieve emission reductions[196]. - Las Bambas is expected to continue mining operations at Chalcobamba and Ferobamba while supporting local community projects[152].