Minmetals Resources Surges Over 8%, Annual Profit Up 17 Times YoY
Minmetals Resources recently released its 2024 annual financial report, recording revenue of $4.479 billion, up 3% YoY, and a net profit of $162 million, up 17 times. Earnings per share stood at $1.53 cents. No final dividend was declared. Minmetals Resources held its 2024 annual results conference in Hong Kong. Regarding the company's acquisition of nickel business assets in Brazil from Anglo American (referred to as Brazil Nickel), Chairman Jiqing Xu stated that the company would not be satisfied with the current annual nickel production of approximately 40,000 mt from the project. After the transaction is completed, the company will leverage its own strengths and a series of procedures to expedite the development of two "greenfield projects" (generally referring to new projects built from scratch in the industry). Jiqing Xu explained, "By around 2030, based on solidifying the resource base of the project, we aim to increase production from the current 40,000 mt to potentially over 150,000 mt.
