Jinchuan Group Reports Decline in Copper and Cobalt Production for First Nine Months of 2024

Jinchuan Group announced that its mining business produced 47,183 tonnes of copper during the first nine months of 2024, marking a year-on-year decrease of approximately 2%. The decline was attributed to an unstable power supply from the Democratic Republic of Congo's national power grid during this period. Copper sales also dropped to 41,368 tonnes, representing a 3% decrease year-on-year, due to reduced production.

The group reported cobalt production of 735 tonnes, which decreased significantly by about 56% year-on-year. In response to declining cobalt market prices, Jinchuan adjusted its production plan and suspended cobalt production from the end of May to August 2024 to focus resources on copper production. Cobalt production resumed in early September, with the group delivering 1,318 tonnes of cobalt, an increase of approximately 24% year-on-year, largely driven by active destocking during this period.