Core Insights - The company reported a significant increase in revenue and profitability in the first half of the year, achieving a revenue of $580 million, up 178% year-on-year, and a net profit of $200 million, marking a turnaround from losses [1] - The production and sales data for core products indicate strong performance, with gold production of 2.74 tons and copper production of 34,900 tons in the first half of the year, suggesting a high likelihood of exceeding annual production guidance [1] Revenue and Profitability - The company achieved Q1/Q2 revenues of $273 million and $307 million respectively, with Q2 showing a 12% quarter-on-quarter increase [1] - The net profit for Q1/Q2 was $85 million and $115 million respectively, with Q2 reflecting a 35% quarter-on-quarter growth [1] Production and Sales Data - Gold production for the first half was 2.74 tons, with Q1/Q2 production of 1.39 tons and 1.35 tons respectively; gold sales were 2.94 tons, with Q1/Q2 sales of 1.50 tons and 1.44 tons [1] - Copper production reached 34,900 tons, with Q1/Q2 production of 16,900 tons and 18,000 tons; copper sales were 34,300 tons, with Q1/Q2 sales of 16,700 tons and 17,600 tons [1] Cost Structure - The unit production cost for gold at Changshanhao was $1,619 per ounce, with Q1/Q2 costs of $1,625 and $1,612 per ounce respectively [2] - The unit production cost for copper at Jiama was $3.29 per pound, with Q1/Q2 costs of $3.41 and $3.19 per pound; after deducting by-product credits, the copper unit cost was $0.53 per pound for the first half, with Q1/Q2 costs of $0.73 and $0.33 per pound, indicating significant cost optimization in Q2 [2] Operational Insights - Changshanhao gold mine operates as an open-pit mining operation with a designed capacity of 60,000 tons per day, reduced to 40,000 tons per day as of July 2019; the mine is approaching the end of its life, with underground operations expected to commence around 2029-2030 [3] - Jiama copper-gold polymetallic mine employs both underground and open-pit mining methods, with a combined capacity of 50,000 tons per day; operations were halted due to tailings overflow in March 2023, but are expected to resume in May 2024 with a reduced capacity of 34,000 tons per day [3] - The company is actively advancing the construction of a third tailings storage facility, expected to be completed and operational by mid-2027, which will increase total daily processing capacity to 44,000 tons [3]