Zijin Mining Group (02899): The Camoa-Cacuula copper mine temporarily suspends underground mining operations.

Zijin Mining Group (02899) announced recently that multiple minequakes have occurred in the Kakula mine section of the Kamoa-Kakula copper mine under the company. Several roof falls have occurred in the east area of the mine, with the cause of the quakes unclear. Following a decision by the management of Kamoa Copper Co., Ltd. (hereinafter referred to as "Kamoa Copper"), underground operations in this area have been temporarily suspended, and personnel and some equipment have been evacuated from the underground working face. As of now, no casualties have been reported. The company attaches great importance to this mining quake event and has organized an internal expert team to rush to the scene, working together with the management and technical team of Kamoa Copper, and if necessary, hiring an external third-party expert team. The focus will be on re-demonstrating and evaluating previous mining methods, filling plans, hydrological management measures, and full lifecycle scheduling. A comprehensive and systematic investigation will be conducted on the causes of the minequakes, and a plan to improve management and technology will be developed. Due to the impact of the minequakes, the Phase 1 and Phase 2 concentrators of the Kamoa-Kakula copper mine will temporarily operate at a reduced capacity, processing ore from surface ore stockpiles. As of April 30, 2025, there are approximately 3.8 million tons of ore stockpiled on the surface, with an average copper grade of approximately 3.2%. The Phase 3 concentrator of the Kamoa-Kakula copper mine and underground mining activities in the Kamoa section have not been affected. The Kamoa-Kakula copper mine produced 437,000 tons of copper in 2024, with a planned production of 520,000 to 580,000 tons of copper in 2025. The company holds a 44.45% equity interest in this project (including the equity corresponding to the company's equity in Ivanhoe Mines). The minequake is expected to have an adverse impact on the annual production plan of the Kamoa-Kakula copper mine, and the specific extent of the impact will be further evaluated based on the investigation results. The company will provide updates in its regular reports or interim announcements as needed. Kamoa Copper is a joint venture of the company, and its contribution to the company's attributable net profit in 2024 was RMB 1.72 billion, accounting for approximately 5.37% of the company's 2024 attributable net profit.