Production and Mining Operations - Ruashi Mine produced 30,353 tonnes of copper and 3,961 tonnes of cobalt in 2022[5]. - Kinsenda Mine produced 29,087 tonnes of copper content in concentrates in 2022, with an average reserves grade of 5.8%[6]. - Musonoi Project is an underground mine under construction with a total mine life of 19 years, expected to produce copper cathode and cobalt hydroxide[8]. - The average grade of Kinsenda Mine positions it among the world's highest grade copper deposits[6]. - The Musonoi copper-cobalt project contains total reserves of 606kt of copper and 174kt of cobalt, enhancing the Group's production capacity and leading status in cobalt production[70]. - Copper production at Ruashi Mine decreased by 8% from 33,063 tonnes in 2021 to 30,353 tonnes in 2022, while cobalt production increased by 17% from 3,379 tonnes to 3,961 tonnes[97][100]. - Kinsenda Mine produced 29,087 tonnes of copper in 2022, a 3% increase from 28,197 tonnes in 2021, with an overall recovery rate of 94.29%, up 1% from 93.8% in 2021[123]. - The total ore mined in 2022 was 2,480,135 tonnes, representing a 21% increase compared to 2,054,098 tonnes in 2021[99]. Financial Performance - In 2022, Jinchuan Group International Resources Co. Ltd produced 59,440 tonnes of copper and 3,961 tonnes of cobalt, achieving a revenue of US1.03 million[37]. - Revenue from copper sales in 2022 was 160,910,000, leading to a total revenue of 8,208 per tonne, which is 10% lower than the US35,790 per tonne, a 12% decrease from US$40,738 per tonne in 2021, influenced by a 44% drop in benchmark cobalt price[107]. Project Development and Construction - The Musonoi Project's mining engineering was completed ahead of schedule, with concentration engineering progressing smoothly[37]. - Jinchuan Group plans to accelerate the construction progress of the Musonoi Project and initiate trial mining operations on schedule[42]. - The construction of the main decline ramp for the Musonoi Project was completed in March 2023, with over 5,000 meters of construction work finished[139]. - The construction of the dewatering pump station at 140mL was completed and is currently in the testing phase, while construction at 400mL has commenced[144]. - The construction contract for the concentrator at the Musonoi Project was awarded in 2022, with civil works progressing as planned[146]. - The Musonoi Project's deep processing project construction is scheduled to commence in 2023, with contracts currently under evaluation[146]. Market Conditions and Strategic Focus - The company is focused on optimizing processing circuits and copper recoveries in its projects[10]. - The company has a strategic focus on high-grade copper-cobalt deposits in the DRC[8]. - The Group is actively pursuing merger and acquisition opportunities in southern Africa to seek synergies with existing operations[73]. - Looking ahead to 2023, the recovery of the PRC's economy is expected to provide more flexibility for Hong Kong stocks amid easing overseas inflation and liquidity[43]. - The company anticipates that the Hong Kong stock market may rebound as global funds increase their allocation to it[43]. Resource Management and Sustainability - The company aims to strengthen investor relationship management and maintain market capitalization while optimizing shareholder structure and enhancing market liquidity[42]. - Jinchuan Group will focus on resource sustainability and the acquisition of new resource projects to support its growth strategy[42]. - The Group's Mineral Resources were estimated to contain approximately 4,557,000 tonnes of contained copper and 437,000 tonnes of contained cobalt, representing a 1.9% decrease in copper and a 1.6% decrease in cobalt compared to December 31, 2021[177][182]. - As of December 31, 2022, the Group's Mineral Reserves were estimated to contain approximately 1,126,000 tonnes of contained copper and 206,000 tonnes of contained cobalt, representing a 1% increase in copper and a 4% increase in cobalt compared to December 31, 2021[189]. Challenges and Risks - The Group recorded a profit in 2022 despite a significant drop in copper and cobalt prices, which fell by 20% and 19% respectively in Q2 2022[49][53]. - The Group's production was not interrupted by COVID-19, but logistics and delivery were heavily impacted, particularly in the first half of 2022[54][56]. - Global copper market remains tight with low LME copper inventory levels and supply disruptions in major producing countries like Chile and Peru[62][64]. - The decrease in Kinsenda Mine's copper resources was attributed to mining depletion during the year[180]. - The increase in copper and cobalt reserves at Ruashi Mine was partially offset by mining depletion during the year[195].
金川国际(02362) - 2022 - 年度财报