SHANGHAI, Apr. 29 (SMM) – Jinchuan Group International Resources Co. posted a 315.1% year-on-year climb in 2013’s profit thanks to its mining and trading expansions despite the overall drop in copper and cobalt prices.
Jinchuan Group made a net profit of $203.8 million last year, the company said in a report filed to Hong Kong Stock Exchange today.
``2013 was a landmark year for Jinchuan International’s transformation into a global mining company,’’ board chairman Yang Zhiqiang said in the report, ``Through the disposal of our non-core cosmetics operation followed by the acquisition of the renowned Metorex Group, we have fulfilled our strategic initiative to transform our business into the mining and mineral resources sector and extend our first step of overseas operations into the African continent.’’
In 2013, the Group produced 52,772 tonnes of copper and 3,045 tonnes of cobalt, and sold 52,910 tonnes of copper and 3,140 tonnes of cobalt, it said. The Group’s international trade business has purchased and sold a total of approximately 17,629 tonnes of copper blister, 52.7% more from a year ago, and 125,274 tonnes of copper concentrates, 57.3% higher year-on-year.
Jinchuan’s mining operations segment is represented by the Metorex Group in the Republic of South Africa, which Jin Rui acquired in early 2012 and privatized it from the Johannesburg Stock Exchange.
The Metorex Group has control over two operating and profit generating mines in Africa and a development brownfield copper project under construction and two advanced stage exploration projects.