BEIJING, July 1 -- Jinchuan Group Co., the world's fourth-largest nickel producer, said in a statement Thursday that it had completed 49.9% of its full-year target for nickel output in the first half of this year.

China's largest nickel smelter said that in the same period it had also completed 48.5% of its copper output target for 2010, as well as 40.9% of the target for cobalt.

It reached 55.7% of its full-year target for gross industrial output value, and 67.1% of its revenue, the company said, quoting Chairman Yang Zhiqiang.

However, it warned of tougher economic conditions in the second half.

"Global macroeconomic conditions are not bullish, and the effect of the European debt crisis is substantial," it said, adding that prices for the company's mainstay products of nickel, copper and cobalt have been falling recently.