The Zhitong Finance App learned that China's non-ferrous mining industry (01258) rose by more than 5%, reaching a new listing high of HK$8. As of press release, it rose 5.01% to HK$7.97, with a turnover of HK$111 million.
According to the news, Minsheng Securities pointed out that in the first quarter of 2024, the company achieved net profit of 84 million US dollars, down about 3% year on year. The main reason is that Q1 copper prices fell by more than 5% year on year. Judging from the completion of production, the company produced 32,500 tons of cathode copper, a year-on-year decrease of 9%, and completed 23% of the annual production guideline. The incremental items are mainly Gangbov's main ore body (cathode copper production was 9378 tons, up 21% year on year). Gangbov's production increased or mainly due to Gangbov's self-produced copper mine, where limited electricity supply is more profitable.
In addition, the company's subsidiaries Zhongse Africa Mining, Zhongse Luanxia, and Champixi Hydrometallurgy will study and promote the construction of the following projects over the next 3-5 years: the expansion of production of the southeast Champihi ore body, the resumption of production of the Zhongze Luanxia 28 shaft, and the mining and beneficiation project at the Samba mine, with plenty of room for endogenous growth. At the group level, to resolve competition issues in the industry, Congo Gold Company and Deziwa Copper are expected to be injected into listed companies.