Profit Tumbles at Zijin Mining in Q1, with Copper Output Up

SHANGHAI, May 5 (SMM) – Zijin Mining Co. reported higher revenues in Q1, but profit tumbled, with copper and gold output up, it said in its earnings report. 

Its business revenues rose 22.03% year-on-year to 19.4 billion yuan in Q1, but net profit attributed to shareholders of its listed company plunged 84.64% year-on-year to just 63.76 million yuan.  

The company attributed higher revenues to rising production and sales, as well as lower ore costs. 

Its copper ore output increased 12.4% year-on-year to 41,651 tonnes in Q1, and sales rose 17.3% year-on-year to 40,538 tonnes. Its refined copper output rose 13.4% from a year ago to 95,304 tonnes, and sales surged 46.5% from a year ago to 96,960 tonnes.

Besides, it produced 45,328 kg of gold, up 18.5% from a year ago.    

The company blamed lower profit to losses in hedging operations, which offset yields from sales in spot market.  

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