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According to Cailian News on August 27th, thanks to the strong price of nonferrous metals and the release of production capacity from the major mining company Yinman Mining, Inner Mongolia Xingye Silver&Tin Mining (000426.SZ) has seen its net income in the first half of the year increase by more than five times year-on-year.

After market close today, Inner Mongolia Xingye Silver&Tin Mining released an announcement stating that in the first half of this year, the company achieved revenue of 2.198 billion yuan, a year-on-year increase of 76.42%; net income attributable to shareholders of listed companies was 0.883 billion yuan, a year-on-year increase of 566.43%.

One of the main reasons for the company's performance growth in the first half of this year is the overall strong operation of nonferrous metals. According to Choice data, the average prices of tin, silver, and lead futures in Shanghai increased by 16%, 28%, and 12% year-on-year respectively in the first half of 2024. In addition, the main mining company under Inner Mongolia Xingye Silver&Tin Mining, Yinman Mining, saw a year-on-year increase in the production and sales volume of its main mining products after completing the selective mining technology transformation.

According to the financial report, Yinman Mining's revenue in the first half of this year was 1.394 billion yuan, with a net income of 0.709 billion yuan (a year-on-year increase of 410.64%). The proportions of total revenue and net income for the same period of the company were 63.42% and 80.29%, respectively.

On August 23rd, when interviewed, Inner Mongolia Xingye Silver&Tin Mining stated that as of now, the approval process for the Yinman Phase II project is still ongoing. It is expected to be approved and start land acquisition procedures by the end of this year. Subsequently, the main procedures such as environmental impact assessment, "three simultaneities" of safety facilities, "three simultaneities" of environmental protection facilities, and "three simultaneities" of occupational health will need to be completed. The construction period is two years.

It is reported that in 2016, Inner Mongolia Xingye Silver&Tin Mining acquired Yinman Mining for a price of 2.413 billion yuan. Yinman Mining is mainly rich in lead-zinc-silver and copper-tin-silver-zinc deposits, with high silver content and high mining product grade, and a long remaining service life. It is one of the largest silver-producing mines in China and an important tin concentrate production enterprise. Currently, it is in the preparatory stage before Phase II development.

Inner Mongolia Xingye Silver&Tin Mining is conducting exploration and storage expansion in the Silver Comic Mine. In 2023, the company implemented surface drilling of 51,076.25 meters, underground drilling of 19,516.76 meters, and tunnel drilling of 6,820.9 meters in the mine, with a total investment of 102.6854 million yuan.

The main products of Inner Mongolia Xingye Silver&Tin Mining include nonferrous metals, precious metals, and ferrous metals such as silver, tin, lead, zinc, iron, copper, antimony, and gold. Currently, the main sales are focused on refined powder and mixed powder products.