Zangge Mining: Rapid Growth in Copper Business, Shareholders’ Net Profit Reaches CNY 1.868 Billion in the First Three Quarters

Source: Sohu – China Securities Journal

Zangge Mining, October 28, 2024, 10:26, Qinghai

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According to the third-quarter report released on the evening of October 25, 2024, Zangge Mining reported revenue of CNY 2.324 billion for the first three quarters. Net profit attributable to shareholders of the listed company reached CNY 1.868 billion, while net profit after deducting non-recurring gains and losses was CNY 1.847 billion. Basic earnings per share were CNY 1.1894.

Lithium Carbonate Production and Sales Remain Strong

In the first three quarters, Zangge Mining produced 9,277.5 tons of lithium carbonate, up 12.84% year-on-year, and sold 10,210 tons, up 31.56% year-on-year. Amid strong production and sales, the company continued to consolidate its cost advantages in salt lake lithium extraction through process optimization and innovation. The average sales cost of lithium carbonate in the first three quarters was CNY 39,795.5 per ton, 4% lower than in the first half of the year.

Copper Mining Segment Delivers Significant Profits

The copper mining segment contributed CNY 1.363 billion in investment income during the first three quarters, accounting for 72.96% of net profit attributable to shareholders, representing a 33.88% year-on-year increase. During the reporting period, Zangge Mining’s investment in Jilong Copper achieved significant exploration breakthroughs, adding 14.726 million tons of copper resources. The cumulative verified copper resources reached 25.88 million tons, making it the largest registered copper mine in China by resource volume.

Editor: Yuan Chengying