Weak End-Use Demand, Brass Billet Operating Rate Expected to Decline Further

Zijin Mining (601899) disclosed an earnings forecast on July 9, projecting net profit attributable to shareholders for H1 2026 at approximately 39.1 billion yuan, up around 68% YoY. During the reporting period, the selling prices of the company’s products rose significantly YoY and profits from products such as rare and precious metals (molybdenum, tungsten, tin), sulphur concentrates, and sulphuric acid increased markedly YoY.

Western Mining Co., Ltd. (601168) disclosed an earnings forecast on July 9, expecting net profit attributable to shareholders of the parent company for H1 2026 to be between 4 billion yuan and 4.3 billion yuan, up 114% to 130% YoY.During the reporting period, prices in the non-ferrous metals market remained robust. Prices of copper, gold and silver products increased compared with the same period last year, driving the company’s performance up YoY.

Sandfire Resources America An economic study report for the Black Butte copper mine in Montana shows that the mine's reserves have increased compared with the 2025 report, but the investment return remains low. Sandfire announced on Thursday that the updated pre-feasibility study incorporates the Lowry deposit into the mining plan, confirming indicated copper ore reserves of 14.3 million mt grading 2.6% copper, containing 370,000 mt of copper metal. The Black Butte copper mine is located about 90 km east of Helena, the capital of Montana, US.