JINCHUAN INTL (02362) issue profit warning, expecting shareholders' attributable loss to narrow to no more than $5 million US dollars by 2024.

JINCHUAN INTL (02362) announced that the group is expected to incur a comprehensive shareholders' loss of no more than 5 million US dollars in 2024, compared to a comprehensive shareholders' loss of approximately 12 million US dollars in 2023. The announcement stated that the expected loss is mainly due to the recognition of impairment losses on other non-current assets related to value-added tax receivables in the Democratic Republic of the Congo (Congo (Kinshasa)); offset by improvements in mining operating performance resulting from increased gross profit. The impairment amount is based on a comprehensive evaluation of the possible recoverability of historical value-added tax owed by the Congo (Kinshasa) government to most mining companies. This includes a portion deducted from the total amount of value-added tax the group may receive from the Congo (Kinshasa) government in the future. The assessment process took into account the time required for an independent review before arriving at the expected impairment loss.