SHANGHAI, Oct. 9 (SMM) - Tibet Summit Industry’s profit in the first three quarters this year is expected to be 210-235 million yuan, compared with 38.45 million losses in the same period last year, according to the company’s announcement.

The acquisition of a 100% stake in Tazhong Mining is believed to have helped Tibet Summit Industry return to profitability. Tazhong Mining realized 290 million yuan in profit during the first nine months of the year, which owns ultra large mines.

One of Tazhong Mining’s mine in Tajikistan has 106.75 million tonnes of proven mineral reserves, including 2.92 million tonnes of lead and 3.70 million tonnes of zinc. The company’s assets totaled 827 million yuan in 2014, with business income of 896 million yuan and profit of 280 million yuan.

Tibet Summit Industry’s major business, however, posted 29.68 million losses in the first half of 2015, compared with 28.72 million losses in the same period of 2014, due mainly to slumping indium prices and lower zinc output. Its zinc output in H1 was 13,851 tonnes, 76.95% of its output target, and down 17.79% year-over-year.

Profit from zinc ingot rose 0.42 percentage point year-over-year to 0.77% in H1 as zinc prices climbed 8% year-over-year. Nevertheless, gross profit from indium fell 15.07%, down 73.36% year-over-year, as a result of slumping indium prices. 

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