The 2021 annual results of the Company were generally in line with market consensus and our estimation. Total revenue of the Company increased 31.6% yoy to US$1,137.4 million, and net profit attributable to shareholders’ surged 138.8% yoy to US$267.4 million.
　　We expect gold price to benefit from investor demand for safe-haven value preservation assets and to continue to rise in 2022. We expect the annual average gold price to be around US$1,850/oz in 2022. We expect the annual average copper price to be around US$9,000/t in 2022.
　　In 2022, the Company plans to produce about 241,000-250,000 oz of mined gold and 85,000-90,000 tons of mined copper. The production of the Company is stable and we expect the Company to fulfill its production plan.
　　Revise up the TP to HK$34.30 and maintain "Accumulate".