HK Stock Market Move | JINCHUAN INTL (02362) rises by nearly 6%, the suspension of cobalt exports in Congo (Kinshasa) is expected to boost cobalt prices, and the company's high-quality copper and cobalt mines are expected to start production.

JINCHUAN INTL (02362) rose by nearly 6%, as of the writing, it rose by 5.88% to 0.54 Hong Kong dollars, with a turnover of 11.53 million Hong Kong dollars. On the news front, according to Xinhua Finance, the relevant department of the Democratic Republic of Congo announced on February 24 that the country has decided to suspend cobalt exports for four months in response to the global cobalt market oversupply situation, with this measure taking effect from February 22. It is reported that the Democratic Republic of Congo is the country with the richest cobalt mineral resources in the world, with its cobalt reserves and production accounting for more than 70% of the global share. CITIC SEC believes that if the cobalt export ban in the Democratic Republic of Congo is strictly implemented, the global cobalt market may turn into a shortage in the short term, and the cobalt price is expected to stabilize and rebound. JINCHUAN INTL and its subsidiaries are mainly engaged in the mining of non-ferrous metals in the Democratic Republic of Congo and Zambia, primarily for copper and cobalt, as well as trading of mineral and metal products in Hong Kong. The fluctuation of copper and cobalt prices is a major factor affecting the company's performance. China Post Securities previously stated that, according to reports, the Musonoi mine is expected to produce 38,000 tons of copper and 7,800 tons of cobalt once in operation, which will be the company's main growth driver in the future.