Summary:
CITIC Metal's 2024 annual performance report showcases robust growth, successful overseas mining investments, and record copper and zinc production. The company aims to solidify its position as a leading global commodity trader and mining investment firm.
On the evening of March 26th, CITIC Metal (601061.SH) unveiled its annual performance report for the fiscal year 2024. The announcement revealed that the company's
revenue and net profit maintained robust growth throughout the year, achieving a new benchmark in overall performance. CITIC Metal has strengthened its meticulous post-investment management, ensuring that key milestones for overseas flagship projects were achieved with stability.
In 2024, amidst the accelerated restructuring of the global economic landscape and the thriving development of strategic emerging industries, the demand for strategic minerals has escalated. Against this backdrop, CITIC Metal, as a pivotal player in the national resource security assurance system, has actively contributed to safeguarding the stability and security of the country's metal and mineral supply chains through the synergistic integration of resource investments and commodity trade.
Regarding its invested mineral resources, CITIC Metal boasts a portfolio of globally renowned assets characterized by their scarcity and robust capabilities for resource monetization and potential exploration. This strategic resource allocation not only supports the safeguarding of critical mineral resources but also generates substantial investment returns for the company.
The annual report highlights that CITIC Metal's equity investments in mining projects progressed systematically in 2024. Notably, Ivanhoe Mines' Kamoa-Kakula (KK) Phase 3 commenced production ahead of schedule in the first half of 2024, with copper output reaching 437,000 tonnes for the year and potential to exceed 600,000 tonnes annually at full capacity, positioning it as the world's third-largest copper mine. Kipushi zinc-copper mine achieved commercial production in the third quarter, producing 50,000 tonnes of zinc for the year and anticipating an average annual output of 278,000 tonnes over the first five years, potentially making it the fourth-largest zinc mine globally. Antamina in Peru produced 323,000 tonnes of copper in copper concentrate in 2024, marking a 7% year-on-year increase. The second mining area, Chalcobamba, commenced stable operations, with copper head grades increasing to 0.92% in the fourth quarter. Additionally, Ferrobamba discovered new resources of 2.5 million tonnes of copper and 130,000 tonnes of molybdenum in deep ore bodies, significantly enhancing its long-term operational potential. CBMM in Brazil maintained stable operations, continuing to hold over 70% of the global market share as of the end of 2024.
Looking ahead, CITIC Metal vows to deepen its focus on its core business, centering on commodity trade and mining investments. The company will persist in bolstering its core competencies, striving for new achievements in high-quality development, and accelerating its transformation into a world-leading commodity trader and mining investment firm.
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