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中国有色矿业(01258) - 2024 - 中期财报
01258CHINFMINING(01258)2024-09-24 08:56

Financial Performance - In the first half of 2024, the company achieved revenue of 2.0098billion,ayear−on−yearincreaseof9.02.0098 billion, a year-on-year increase of 9.0%[17] - The net profit attributable to the company's shareholders for the first half of 2024 was 219.1 million, representing an 18.0% increase compared to the previous year[17] - The sales revenue for copper and anode copper in the first half of 2024 reached 1,361.5million,a22.51,361.5 million, a 22.5% increase compared to 1,111.6 million in the same period of 2023[48] - The gross profit for the first half of 2024 was 512.0million,adecreaseof1.8512.0 million, a decrease of 1.8% from 521.4 million in the same period of 2023, with a gross margin of 25.5% down from 28.3%[52] - The net cash inflow from operating activities for the first half of 2024 was 413.1million,adecreaseof413.1 million, a decrease of 50.8 million from 463.9millioninthesameperiodof2023[57]−Thegroupreportedaprofitattributabletoownersofthecompanyof463.9 million in the same period of 2023[57] - The group reported a profit attributable to owners of the company of 219.1 million for the first half of 2024, an increase of 18.0% from 185.7millioninthesameperiodof2023[56]−Basicanddilutedearningspershareforthefirsthalfof2024were185.7 million in the same period of 2023[56] - Basic and diluted earnings per share for the first half of 2024 were 5.75, compared to 4.97forthesameperiodin2023,representinganincreaseofapproximately15.74.97 for the same period in 2023, representing an increase of approximately 15.7%[107] Production and Operations - The production of crude copper and anode copper reached 159,971 tons, an increase of 10.5% year-on-year[18] - The production of cathode copper decreased by 12.8% to 62,450 tons in the first half of 2024[18] - The company produced 548,699 tons of sulfuric acid, which is a 12.5% increase year-on-year[18] - The company’s copper smelting operations produced 133,943 tons of copper (including 36,507 tons from processing external copper products), a year-on-year increase of 25.7%[26] - The production of cathode copper at the company’s wet smelting operations decreased by 24.0% to 2,826 tons, attributed to lower ore grades and reduced external copper concentrate purchases[27] - The company faced challenges such as power shortages and reduced ore grades impacting production across various operations[28] Financial Position and Investments - The company raised approximately HKD 1 billion through a placement in the Hong Kong market, strengthening its financial foundation for future projects[13] - The total assets as of June 30, 2024, amounted to 4,186,333 thousand, an increase from 3,819,513thousandasofDecember31,2023,reflectingagrowthofabout9.63,819,513 thousand as of December 31, 2023, reflecting a growth of about 9.6%[111] - The total liabilities rose to 1,395,820 thousand from 1,332,910thousand,indicatinganincreaseofabout4.71,332,910 thousand, indicating an increase of about 4.7%[111] - The total investment for the new Luansha mine project is estimated at 513.0 million, with a production scale of 2.2 million tons per year and copper concentrate output of 43,500 tons per year[37] - The company plans to use the net proceeds from a recent share placement for project construction to increase copper concentrate production capacity and for general working capital[73] Market and Economic Conditions - The company anticipates that international copper prices may remain high due to limited supply growth and gradual destocking[15] - International copper prices have decreased by nearly 20% from the peak in the second quarter, posing risks to the company's operations in the second half of the year[90] - Demand from new energy, new economy, and emerging markets is expected to support copper prices in a high volatility range[90] Community and Environmental Engagement - The company is committed to environmental protection, actively engaging in energy conservation and pollution monitoring to ensure clean production[88] - The company has actively participated in local community development, contributing to municipal construction and vocational education, receiving high praise from local governments and residents[89] Employee and Management Information - The total employee cost for the six months ending June 30, 2024, was approximately 52.3million,adecreasefrom52.3 million, a decrease from 58.6 million for the same period in 2023[83] - The company employs a total of 8,477 employees, with 882 being Chinese nationals and 7,595 being local employees from Zambia and the Democratic Republic of the Congo[83] - The company emphasizes a "safety first" approach, maintaining stable safety production conditions throughout the first half of 2024[86] Future Plans and Strategies - The company plans to accelerate the construction of expansion projects and aims for breakthroughs in external mergers and acquisitions in the second half of 2024[15] - The company plans to complete the geological survey for the Southeast ore body by October 2024, with equipment procurement expected by March 2025[40] - The company plans to sign contracts exceeding $30.0 million in the second half of 2024 for the Luansha project[37] Risks and Challenges - The company faces market risks primarily from commodity price fluctuations, particularly in copper, and has implemented hedging strategies through futures contracts[65] - The company has implemented foreign exchange hedging activities to mitigate risks associated with operations in Zambia and the Democratic Republic of Congo[66]