Zijin Mining (02899) released its 2026 interim report, highlighting sharp profit and cash-flow gains alongside continued production growth in gold, copper and lithium.

Revenue and Profitability • Operating revenue reached RMB194.18 billion, a 15.78% increase year on year. • Profit before tax rose 84.00% to RMB63.49 billion. • Net profit soared 74.00% to RMB49.81 billion, while net profit attributable to shareholders climbed 68.00% to RMB39.17 billion. • Net operating cash flow almost doubled, up 92.00% to RMB55.47 billion. • Debt-to-asset ratio fell to 49.55% from 51.56% at end-2025.

Production Metrics • Mined gold output grew 13.00% to 47.00 tonnes. • Mined copper totalled 534,000 tonnes, down 5.70% due to a temporary reduction at Kamoa; excluding Kamoa, mined copper advanced 4.80% to 480,000 tonnes. • Lithium carbonate equivalent output surged 496.00% to 43,600 tonnes. • Mined molybdenum increased 7.00% to 6,300 tonnes; mined tungsten rose 20.00% to 2,600 tonnes.

Capital Deployment and Balance Sheet • Capital expenditure centred on major projects at Julong Copper, Serbia Zijin Mining and the Manono lithium project; aggregate capex commitments total RMB4.40 billion. • Zijin Mining issued USD1.50 billion zero-coupon H-share convertible bonds in February, following a USD2.00 billion issue in 2024; outstanding balance of convertible bonds totals RMB28.42 billion. • Total assets stood at RMB541.35 billion; equity attributable to owners reached RMB205.87 billion.

Dividend Policy • The Board approved an interim cash dividend of RMB4.20 per 10 shares, amounting to RMB11.14 billion, payable to shareholders of record.

Outlook Highlights Management confirmed steady progress on expansion projects, continued deleveraging and strong liquidity, while cautioning that global commodity price volatility and geopolitical factors remain key operational variables.