2 1 Shi Ji Jing Ji Bao Dao·2025-06-16 10:24Core Viewpoint - Zijin Mining's Kamoa-Kakula copper mine has faced production disruptions due to flooding, leading to a downward revision of its 2025 copper production guidance from 520,000-580,000 tons to 370,000-420,000 tons, raising uncertainties about the company's overall copper output growth for the year [1][3][4] Group 1: Production Impact - The Kamoa-Kakula copper mine is the largest copper mine in Africa and a key asset for Zijin Mining, contributing 194,700 tons of copper in 2024, making it the primary source of copper production growth for the company [1][4] - Following the flooding incident, the company plans to restart mining operations in the western section of the Kamoa-Kakula mine and utilize surface stockpiles to mitigate the impact on production [6][5] - The flooding has resulted in an estimated reduction of 44,000-93,000 tons in Zijin Mining's copper equity production for 2025 [4][6] Group 2: Profitability Outlook - Despite the production challenges, Zijin Mining's overall profitability trend remains positive, supported by expected growth in gold production, which is projected to increase by approximately 16.4% to 85 tons in 2025 [7][8] - The international gold price has seen significant increases, with a year-to-date rise of over 30%, which is expected to positively impact the company's profitability, especially in the gold segment [9][10] - Sell-side institutions have maintained stable earnings forecasts for Zijin Mining for 2025, with estimates generally ranging from 40 billion to 44 billion yuan, and some institutions have even raised their projections [10]