Gold Mining Sector Sees Profits Surge in First Half of 2024

The gold mining sector has experienced a significant surge in profits for the first half of 2024, driven by the rise in gold prices. According to reports from listed companies, Zijin Mining achieved an operating revenue of 194.178 billion yuan, a year-on-year increase of 15.78%, with a net profit attributable to shareholders reaching 39.17 billion yuan, a year-on-year increase of 68.17%. This was attributed to the rise in metal prices, particularly gold, copper, and lithium.

Other notable companies include Xiaocheng Technology, which achieved an operating revenue of 315 million yuan, a year-on-year increase of 44.29%, with a net profit attributable to shareholders of 55.7083 million yuan, a year-on-year increase of 31.24%. Shanjin International and Western Gold also reported significant growth.

However, smelting enterprises such as Hengbang Co., Ltd. and Hunan Gold have been less affected by the rise in gold prices, with lower gross profit margins compared to mining companies.