SHANGHAI, Mar. 28 (SMM) –Sichuan Western Resources Holding Co., Ltd. recently published its annual report for 2011, which showed that its profits from mining and processing business increased by 70.46% in 2011 YoY.
The company is mainly involved in mining and processing nonferrous metals mines, including copper mines, iron ore concentrate, and zinc concentrate. Base metal mining and processing business brought RMB 305.35.62 million revenues for the company, up 70.46% YoY, well higher than the profits earned by copper smelters and copper semis producers with single digit profit rate.
It was a rare occurrence that mine exploitations can post such a large profit rate against the backdrop of falling base metal prices during 2011.
Taking copper prices as an example, generally speaking, copper futures prices were falling during 2011. LME copper prices closed at USD 9,685/mt on December 31, 2010, and USD 7,557/mt on December 30, 2011, down as high as 21.97% for the year.
During the report period, the company realized revenues of main business RMB 312.133 million, up 47.45% YoY, which was due largely to the fact that its new subsidiary Nanjing Yinmao Lead-Zinc Mine Co., Ltd. earned revenues of RMB 119,32.80.