HK Stock Market Move | JINCHUAN INTL (02362) surges more than 7%, with company's copper production and sales doubling last year. Suspension of cobalt exports from Congo (Kinshasa) boosts cobalt prices.

JINCHUAN INTL (02362) rose more than 7%, as of the time of publication, it rose 7.69% to 0.7 Hong Kong dollars, with a turnover of 102 million Hong Kong dollars. On the news front, the relevant department of the Democratic Republic of Congo announced on February 24th that the country has decided to suspend cobalt exports for four months to address the global oversupply of cobalt in the market. It is reported that this policy has led to a significant increase in prices for all cobalt-related products. As a result of the ongoing cobalt raw material incident, the price of cobalt sulfate has risen for 7 consecutive days, with a cumulative increase of 35%. CITIC SEC stated that this move may affect the Congo's export volume of 70,000 tons of cobalt by 2025, potentially causing a short-term shortage in the global cobalt market and prompting a stabilizing rebound in cobalt prices. It is understood that JINCHUAN INTL and its subsidiaries are mainly engaged in the extraction of non-ferrous metals in the Democratic Republic of Congo and Zambia, primarily copper and cobalt, and trading in mineral and metal products in Hong Kong. In addition, JINCHUAN INTL recently released a statement on the production and sales of its mining business in 2024. The announcement showed that in 2024, the group's mining business produced 63,800 tons of copper (in terms of copper content in electrolytic copper and copper concentrate), an increase of approximately 2.9% from 62,000 tons in 2023. The group produced 855 tons of cobalt in 2024 (in terms of cobalt content in cobalt hydroxide), a decrease of approximately 61.3% from 2207 tons by the end of 2023. In terms of sales, JINCHUAN INTL sold 62,300 tons of copper in 2024 (calculated based on the copper content in direct shipping ore, electrolytic copper, and copper concentrate), a growth of approximately 4.6% compared to 59,500 tons by the end of 2023.