China Nonferrous Mining Corporation Limited announced unaudited results for the six months ended 30 June 2026.
Revenue rose 29.1% year on year to USD 2.26 billion, driven by higher average selling prices for blister copper, copper anodes, copper cathodes and sulphuric acid. Net profit climbed 67.7% to USD 622.80 million, while profit attributable to shareholders increased 64.7% to USD 433.64 million. Basic earnings per share reached US¢ 11.11 (HK$0.87), up 64.6%.
Cost of sales grew 10.3% to USD 1.30 billion, lifting gross profit 68.1% to USD 958.72 million and pushing the gross margin to 42.4% from 32.6% a year earlier. Administrative expenses expanded to USD 150.80 million, reflecting higher R&D spending and depreciation, and finance costs increased to USD 5.04 million due to higher lease-related interest.
Segmentally, the smelting business contributed USD 1.39 billion of external revenue and USD 491.91 million of pre-tax profit, while the leaching segment generated USD 866.79 million of revenue and USD 394.35 million of pre-tax profit. Key end-markets were Singapore (68.0% of revenue), Africa (11.7%) and Hong Kong (11.0%).
Operating cash flow more than doubled to USD 1.04 billion. After investing USD 450.64 million—mainly in deposits with the group treasury unit and the acquisition of Kazakhstan-based SM Minerals—and paying USD 57.12 million in net financing outflows, cash and cash equivalents stood at USD 2.02 billion, up 36.7% from end-2025.
Capital expenditure totalled USD 122.78 million, concentrated on expansion at Luanshya’s Southern Superficial Part of Muliashi and Mashiba sections, Chambishi Southeast Mine and smelting facility upgrades at CCS.
The board declared an interim dividend of US¢ 1.1113 per share (HK$0.087154) payable on 17 September 2026 to shareholders on record as of 7 September 2026.
Management cited elevated international copper prices, supported by resilient demand from new-energy and grid sectors and constrained mine supply, as the key driver of first-half performance and expects price volatility to persist amid geopolitical and macroeconomic uncertainties in the second half of 2026.