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JCHX Mining (SSE: 603979)

JCHX Mining Management (SSE: 603979) is a Beijing-based mining contractor and copper producer. Through its Swiss subsidiary Veritas Resources AG, it now controls Alacrán in Córdoba. JCHX stock gives indirect exposure to what could become Colombia’s first major copper mine.

Tickers: SSE: 603979 · Headquarters: Beijing, China · Data as of: Nov 4, 2026

JCHX Mining at a glance

ProjectDepartmentCommodityStageOwnership
Alacrán (El Alacrán)Córdobacopper, gold, silverfeasibility / licensed, pre-construction100% via Veritas Resources AG (JCHX holds 97.5% of Veritas)
Share priceRMB 57.13 (Shanghai close, Oct 26, 2026, per Sohu); market cap: refresh at publication
9M 2026 resultsRevenue ~RMB 11.92B (+19.97%); attributable net profit ~RMB 2.49B (+41.83%); EPS RMB 3.99 (announced Oct 26, 2026)
Copper output2025 copper sales 92,700 t; 2026 plan ~100,300 t Cu-equivalent from own mines (company IR, Aug 2026)
Alacrán ownershipJCHX 97.5% / PIA Global 2.5% of Veritas Resources AG, which owns 100% of Alacrán (Feb 10, 2026 SSE announcement; closed Mar 6, 2026)
Alacrán capitalUS$420.4M initial capex (Dec 2023 feasibility study); JCHX’s cumulative committed investment ~US$409.9M (May 22, 2026)
Alacrán licenceANLA environmental licence granted May 15, 2026
Corporate actionsHong Kong H-share listing plan (Jul 6, 2026); share buyback begun Oct 27, 2026

About JCHX Mining

JCHX was founded in 1997 and is listed in Shanghai. It began as an underground mine contractor, doing shaft sinking, tunnelling and contract mining for other companies. It now also owns copper mines in Africa: Lonshi and Dikulushi in the Democratic Republic of Congo, and an 80% stake in Lubambe in Zambia. In 2025 it sold about 92,700 tonnes of copper. Its 2026 plan calls for about 100,300 tonnes of copper-equivalent production from its own mines.

The company is growing quickly. For the first nine months of 2026 it reported revenue of about RMB 11.9 billion, up 20%, and net profit attributable to shareholders of about RMB 2.49 billion, up 42%. In July 2026 it announced a preliminary plan for an H-share listing in Hong Kong. In late October 2026 it started a share buyback.

Alacrán is JCHX’s Colombian business. It is an open-pit copper-gold-silver project in Puerto Libertador, southern Córdoba. A 2023 feasibility study supports it. JCHX reached control in steps. It first bought 50% of the project company from Cordoba Minerals Corp. (TSXV: CDB), then bought the rest in March 2026. It now holds 97.5% of Veritas Resources AG, which owns 100% of the project.

Colombia’s environmental licensing authority, ANLA, granted the licence on May 15, 2026. Shanghai broker Kaiyuan Securities expects production in 2028. A Colombian press report cites a construction start in 2027 and first extraction in 2029. JCHX has not published a firm schedule in the sources reviewed.

JCHX Mining’s Colombian projects

Alacrán (El Alacrán)

Alacrán is in rural Puerto Libertador, about 160 km north of Medellín, between the San Pedro and San Jorge rivers. Informal gold miners have worked the site since the early 1990s. That left mercury-bearing tailings, which the project must remove and contain. The December 2023 feasibility study (NI 43-101) by Cordoba Minerals models an open pit over 14.2 years. A 17,600 t/d main mill would treat fresh ore, and a gravity wash plant would treat saprolite (weathered surface rock) and old tailings. Life-of-mine output is about 797 Mlb of copper, 550,000 oz of gold and 5.35 Moz of silver. Initial capital is US$420.4M. After-tax NPV (8% discount) is about US$360M and IRR is 23.8%, at US$3.99/lb copper and US$1,715/oz gold.

Ownership chain: Cordoba Minerals, then majority-owned by Ivanhoe Electric, held Alacrán through CMH Colombia S.A.S. Under a December 2022 framework agreement, JCHX paid US$100M in three instalments (May 2023, January 2024 and mid-2025) for 50% of CMH. In May 2025, Cordoba agreed to sell its remaining 50% to Veritas Resources AG, JCHX’s Swiss subsidiary. Co-investors, including Shenzhen-listed Naipu Mining Machinery, were set to dilute JCHX to 55% of Veritas. They withdrew in February 2026. JCHX then raised its stake to 97.5% and agreed to a fixed US$128M cash price. The sale closed March 6, 2026, giving Veritas 100% of Alacrán and Cordoba’s other Colombian assets. ANLA’s licence covers 733 hectares of intervention and requires resettlement of about 400 families, water monitoring and stream restoration.

Resources: Probable Reserves 97.95 Mt at 0.41% Cu, 0.23 g/t Au, 2.63 g/t Ag. Indicated Resources 99.46 Mt at 0.41% Cu, 0.24 g/t Au, 2.65 g/t Ag (904.5 Mlb Cu, 765,400 oz Au, 8.47 Moz Ag) + Inferred 31.84 Mt at 0.20% Cu, 0.25 g/t Au (141.1 Mlb Cu, 259,000 oz Au) (NI 43-101 feasibility study, effective Dec 18, 2023; prepared for Cordoba Minerals)

Latest JCHX Mining news

Upcoming catalysts

  • Expiry of the appeal window on the ANLA licence, and any legal challenges
  • Start of resettlement of about 400 families, a step that comes before construction
  • Formal construction decision and EPC awards at Alacrán (press-reported construction start: 2027)
  • First production (Kaiyuan Securities forecast: 2028; El Espectador report: extraction from 2029)
  • Possible exercise of Hong Kong Zhongan’s option to buy 20% of Veritas from JCHX
  • Hong Kong H-share listing, subject to Chinese and Hong Kong regulatory approvals

Management

  • Wang Xiancheng, Chairman and founder, JCHX. Per Wikipedia; verify against SSE filings
  • Sarah Armstrong-Montoya, Chairman and CEO, CMH Colombia (Alacrán project company). As quoted in May 2026 Colombian press

Key risks for JCHX Mining stock

  • Social licence: the project needs to resettle about 400 families, and environmental groups have raised concerns.
  • Water and legacy contamination: the Colombian Geological Service questioned groundwater assumptions, and old mercury-bearing tailings must be handled.
  • Security and illegal mining in southern Córdoba, where informal gold mining has run since the 1990s.
  • Cost escalation: the US$420.4M capital estimate dates from 2023.
  • Access: JCHX trades only on the Shanghai A-share market, which most North American investors cannot easily buy, and Alacrán is a small part of a larger African copper business.
  • Schedule uncertainty: sources give different dates for construction and first production.

Sources

Related: Colombian stocks · Companies & Projects tracker · Colombian mining companies

Educational information only, not investment advice. Figures are from the sources listed and dated; check the company’s latest filings before relying on them. See our Disclosure & Editorial Policy.