Jinchuan Group International Resources Co. Ltd. (Jinchuan Intl.) reported a first-half 2026 net profit attributable to shareholders of US$47.80 million, rebounding from US$5.52 million a year earlier, as higher copper prices and the first full-period contribution from the Musonoi mine lifted earnings.

Revenue jumped 152% year on year to US$460.20 million, underpinned by a 37% rise in copper sales to 36,083 tonnes and the commencement of commercial production at Musonoi in November 2025. Copper revenue rose 142% to US$441.16 million, while cobalt revenue reached US$19.04 million after no sales in the prior-year period. Average realised copper price increased 75% to US$12,226 per tonne, reflecting a 39% rise in the benchmark LME price.

Group copper output climbed 37% to 38,214 tonnes, bolstered by 17,046 tonnes from Musonoi, partly offset by a 49% drop at Ruashi to 6,484 tonnes amid power instability and lower grades. Kinsenda contributed 14,684 tonnes, down 3% due to transformer failure. Cobalt production soared to 4,345 tonnes, driven by Musonoi’s 4,101 tonnes and Ruashi’s 244 tonnes.

Cost of sales increased 99% to US$265.60 million on Musonoi’s inclusion, higher consumable prices and energy constraints. Adjusted EBITDA expanded to US$209.94 million from US$68.74 million. The income-tax charge rose to US$47.76 million, including DRC super-profits tax triggered by elevated copper prices.

Net cash from operations totaled US$129.71 million versus an outflow of US$26.17 million last year. Cash and cash equivalents stood at US$257.36 million, up from US$171.24 million at end-2025. Net debt fell, cutting the gearing ratio to 41.3% from 50.0%.

Capital expenditure was US$20.84 million, primarily for Kinsenda’s substation upgrade and ongoing mine development. Total budgeted capex commitments amounted to US$11.32 million.

No interim dividend was declared. The board noted that trading of third-party mineral products remained inactive after contracts concluded in 2024.

Post-period, the DRC approved the transfer of 5% of Kinsenda’s issued shares to the state under mining-code requirements; completion is pending procedural steps, after which Jinchuan Intl.’s indirect stake will drop to 72% from 77%.

The company continues to monitor foreign-exchange exposure, particularly to CDF, ZMW and ZAR, and relies on JCG’s guarantees covering US$550.00 million of bank facilities, of which US$338.62 million was utilised at period-end.