Chinese mining giant Zijin expects 27.61% net profit growth in 2022 as copper production jumps 47%
Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
(Kitco News) - China’s Zijin Mining announced yesterday that in 2022, the company’s estimated realized net profit attributable to owners of the listed company to be ~RMB20.0 billion (~$3 billion), representing an increase of ~27.61% compared with 2021.
Importantly, Zijin said that in 2022, the company produced 55.9 tonnes of mine-produced gold (up 17.68% over 2021), 859,000 tonnes of mine-produced copper (up 47.09%), 442,000 tonnes of mine-produced zinc (up 1.84%), and 387.5 tonnes of mine-produced silver (up 25.49%).
Moreover, the company noted that during 2022, selling prices of mine-produced gold and mine-produced zinc increased compared with the same period last year, while selling prices of mine-produced copper and mine-produced silver decreased compared with the same period last year.
Zijin Mining is a large multinational mining group engaged in the global exploration and development of copper, gold, zinc and lithium, as well as engineering and technological research. Zijin has mining projects in 15 provincial-level regions in China and 13 other countries across the globe.
The company’s main overseas assets include the Čukaru Peki copper and gold mine and the Bor copper mine in Serbia, the Kamoa-Kakula copper mine and the Kolwezi copper mine in the DRC, as well as the Buriticá gold mine in Colombia.
|Pan African Resources reports gold production decline in HY22, maintains full year guidance|