Jinchuan Group copper production up, cobalt down amid export ban

Jinchuan Group International Resources (HKEX: 2362) announced a 6.8% year-on-year increase in copper production for the three months ended March 31, 2025, reaching 13,914 tonnes. This was driven by a shift towards copper concentrate production at the Ruashi Mine, prompted by the temporary suspension of the solvent extraction-electrowinning (SX-EW) system due to power supply issues. The suspension resulted in a significant 86.6% decrease in cobalt production, with output falling to 71 tonnes. Sales of copper totaled 11,957 tonnes, a 9.5% decrease year-on-year impacted by the DRC government's temporary cobalt export ban, which affected copper concentrate sales. The company's SX-EW system has now resumed operations in mid May, and it is proactively installing additional diesel generators to mitigate future power supply disruptions. Trading in the company's shares remains suspended since March 28, 2025, pending the release of its annual results for 2024.