SHANGHAI, Jul. 28 (SMM) – Western Mining Co.’s profit slumped 65% year-on-year in the first six months of this year, according to its earnings report.
The company made a profit of 42 million yuan ($ 6.8 million) in the first half of the year, and attributed the lower margins to falling prices for lead and copper concentrates.
The company said selling prices for lead concentrate dropped 6% on the year during the period of the report and copper concentrate prices registered a 14% decline.
Moreover, the Western Mining failed to achieve its output targets for H1. Depressed copper and zinc prices prompted the company to cut output for the two products, while lead smelting was affected by maintenance, according to the report.
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