SHANGHAI, Mar. 18 (SMM) – Mining company China Hanking Holdings Ltd. registered a 95.3% year-on-year fall in net profit last year due mainly to Indonesia’s ban on unprocessed ore exports and plunging iron ore prices, the company said in its annual report.
Hanking created merely 8.99 million yuan ($1.46 million) of net profit in the 2014 fiscal year.
The company’s nickel ore production fell significantly last year to 183,700 tonnes, compared with 780,000 tonnes in 2013, as Indonesia passed a law which banned exports of unprocessed ore. Hanking’s revenue from nickel ore sales slumped 63.43 million yuan to 18.87 million yuan in 2014.
Moreover, Hanking saw its income from iron ore sales down as well despite higher sales volumes, because iron ore prices dropped sharply.
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