The net profit of Western Mining increased eightfold in the first quarter. Shares fell by more than 4% at the start of trading today.

Western Mining announced its results for the first quarter of 2021. Of this total, the operating income was 8.393 billion yuan, an increase of 38% over the same period last year, mainly due to the rise in the volume and price of the company's copper products in the current period, and the net profit belonging to listed shareholders was 475 million yuan, an increase of 869% over the same period last year. The overall performance exceeded expectations.

The reconstruction and expansion project of Yulong Copper Mine was fully completed and put into production at the end of last year, and the production capacity of copper plate is gradually expanding. Coupled with the continued high copper prices so far this year, the company's performance has shown a trend of rapid growth.

Western Mining has fallen since it was estimated to rise to a high of 19.86 a share in late February, closing up 2.82 per cent after intraday shocks yesterday. However, the stock price plunged sharply after the opening of trading today, falling by 4% as of 950, with a large outflow of the main force, which may be related to the fluctuation of related metal prices and the approaching holidays.

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Previously, I learned from the official website of the western mining industry that the production of the third Concentrator of Yulong Copper Industry was orderly and prosperous. In the first quarter, a series of production lines completed a handling capacity of 2.2 million tons and produced 13000 tons of copper metal, successfully achieving a "good start" in the first quarter of 2021.

The company has 10 exploration rights and 18 mining rights. ten large mines are being developed and operated, such as Qinghai Xitieshan lead-zinc Mine, Tibet Yulong Copper Mine, Inner Mongolia Huogeqi Copper Mine, Sichuan Huidong Daliang lead-Zinc Mine, Sichuan Jiacun Silver Polymetallic Mine, Xinjiang Hami Huangshan South Copper-Nickel Mine, Xinjiang Hami Baishanquan Iron Mine, Gansu Subei Qijiaojing Vanadium and Iron Mine, Inner Mongolia Shuangli Iron Mine, Golmud Laling Iron polymetallic Mine, etc. Among them, the Yulong Copper Mine in Tibet is the largest single copper mine in China, with an annual copper mining capacity of 20 million tons. At the same time, using the world's advanced smelting technology, a smelting system with a capacity of 150000 tons of copper and 100000 tons of lead and zinc has been formed.

With the continued popularity of the non-ferrous metals market and the improvement of mining capacity in the western region, the company is expected to have more room to rise in the future.