Ji En Nickel Turns into Profits in 2013 on Canada Gerido's Transfer Income

SHANGHAI, Apr. 2 (SMM) – Ji En Nickel Industry Co. turned losses into profits in 2013 thanks to gains from transferring prospecting and mining right for Canada’s Gerido area.

Ji En Nickel made a net profit of 98.54 million yuan ($16 million) or 0.12 yuan per share last year, as compared to a net loss of 20.63 million yuan, the Jilin province-based company told Shanghai Stock Exchange today.

Its sales revenue declined by 5.06% from a year ago in 2013 despite a 43.85% year-on-year increase in sales volume of refined nickel as the average London Metal Exchange nickel prices fell 14.28% in the year to $15,102 per tonne, it said.

However, the company recorded a gain of 190 million yuan from transferring Canada’s Gerido mining area by subsidiary Jien Canada Mining Ltd., it said.