Core Viewpoint - In the first half of 2025, Minmetals Resources achieved record-high revenue of $2.817 billion, a 47% year-on-year increase, and a net profit of $566 million, up 612% from the previous year, while reducing its leverage ratio to 33% from 41% at the end of 2024 [1][6]. Financial Performance - Revenue reached $2.817 billion, up from $1.918 billion, marking a 47% increase [3] - Operating expenses increased to $1.258 billion, up 18% from $1.063 billion [3] - EBITDA rose to $1.540 billion, a 98% increase from $779 million [3] - Net profit before tax surged to $919 million, up 542% from $143 million [3] - The company’s net profit after tax was $566 million, compared to $79.5 million, reflecting a 612% increase [3] Copper Production and Costs - Copper sales volume reached 237,700 tons, the highest for the same period since 2018 [4] - Las Bambas mine's C1 unit cost was $1.06 per pound, lower than approximately 75% of global mines, contributing 210,000 tons of copper production [2][4] - The company aims for a total copper production target of 400,000 tons for the year [2] Operational Insights - The increase in performance is attributed to rising copper prices and improved mining efficiency [4] - Las Bambas mine has maintained full operational capacity since early 2023, supported by high inventory levels of operational materials [5] - The mine contributes approximately 1% to Peru's GDP and 75% to the provincial GDP, creating over 75,000 jobs [5] Future Outlook and Expansion Plans - The company is actively pursuing expansion projects at the Khoemacau mine, aiming to increase annual capacity to 130,000 tons by the end of 2027 [5] - Management expressed confidence in the copper market, citing the increasing difficulty of developing quality projects and sustained high demand [5] - Capital expenditures for 2025 are projected at $450-500 million for Las Bambas, $200 million for Kinsevere, and $300-350 million for Khoemacau [6] Debt Management - The company reduced external debt to $4.2 billion, benefiting from lower loan rates due to a decrease in USD interest rates [6] - Operating cash flow reached $1.185 billion, with cash on hand increasing to approximately $700 million [6] - The company plans to maintain stable operations while considering growth targets and low-cost project development [6]
一矿贡献全省75%GDP，五矿资源上半年税后利润同比增6倍 公司行政总裁赵晶：这里或成秘鲁第一大铜矿