Zangge Mining Receives RMB615.6m Interim Dividend from Julong Copper

Zangge Mining announced on the evening of August 5 that its associate Tibet Julong Copper had decided to declare an interim dividend. Based on its 30.78% shareholding, Zangge Mining received RMB615.6 million in cash dividends, with the payment received the same day. The dividend was based on Julong Copper's strong operating performance and sound financial position in the first half of 2026, with both copper output and prices rising for its main product, driving significant revenue growth and ample cash flow.

Since the start of 2026, Zangge Mining has received RMB3.078 billion in cumulative dividends from Julong Copper within five months, representing 79.91% of its full-year 2025 net profit attributable to shareholders. Previously, it received RMB1.539 billion on March 25 and RMB923.4 million on June 22, both based on Julong Copper's 2025 results. In 2025, Julong Copper produced 193,800 tonnes of copper, sold 193,700 tonnes, generated revenue of RMB16.663 billion and net profit of RMB9.141 billion.

Julong Copper holds mining rights to the Qulong copper-polymetallic mine, Rongmucuola copper mine and Zhibula copper-polymetallic mine, with cumulative identified copper metal resources of 25.88 million tonnes, associated molybdenum of 1.672 million tonnes and silver of 15,145 tonnes. The mine is located in Mozhugongka County, Tibet, at an altitude exceeding 5,000 metres, with a harsh natural environment and significant development challenges.

In June 2020, Zijin Mining announced the acquisition of a 50.1% stake in Julong Copper for a total consideration of RMB3.883 billion, completing the acquisition a month later to become the controlling shareholder. Zangge Mining sold a 6.22% stake, retaining 30.78% to become the second-largest shareholder. Earlier, in 2019, Zangge Group, facing funding constraints, transferred a 37% stake in Julong Copper to the listed company in lieu of debt repayment, valued at RMB2.59 billion.

Zijin Mining is planning a third-phase expansion of the Julong copper mine. If approved by the government, the mining elevation would be lowered from 4,452 metres in Phase 2 to 3,880 metres, with developable copper reserves within the boundary exceeding 20 million tonnes, annual mining and processing capacity of approximately 200 million tonnes, and annual copper output of about 600,000 tonnes at full capacity. In January 2025, Zijin Mining acquired 24.82% of Zangge Mining's shares for RMB13.729 billion, bringing its total stake to 25% and its combined interest in the Julong copper mine to 58.16%.