Hong Kong-based miner Jinchuan International’s copper production rose by 6pc to 39,006mt in H1 (Jan-June) from the prior year period despite logistics disruptions caused by the COVID-19 pandemic, stated the company’s interim results.
Jinchuan expects copper demand to remain high in China in H2 supported by economic fundamentals. Demand in China is high since June following a drop in new COVID-19 cases in the country. The copper market is expected to remain tight as the pandemic has heavily disrupted copper production in South American countries. The company forecasts that globally, the electric vehicle sector would need 250pc more copper by 2030 for charging infrastructure, which will boost demand for copper in the long term.
The company sold 34,000 mt of copper and 2,970 mt of cobalt in H1, which generated sales of $148.9mn and $57.8mn, respectively. Cobalt output increased by 1pc at 2,635mt in H1. Jinchuan’s revenues declined by 51pc decline to $347.5mn from $705.4mn in H1 2019.
Jinchuan’s Kinsenda mine is operating at full capacity and the company is focusing on the construction of the Musonoi copper-cobalt mine in Kolwezi and on the development of the Ruashi’s sulfide deposit in the Democratic Republic of Congo. It is also working to finalize the financing plan of the Musonoi project with Gecamines SA.