China’s Zijin Mining Profit down 60% in H1 2016 Hurt by Hedging

SHANGHAI, Jul. 19 (SMM) - China’s State-owned Zijin Mining, said July 15 net profit of listed shareholders fell 60.48% year-on-year for the first half of 2016 to 530 million yuan, or 0.025 yuan per share, affected by hedging operation, according to stcn.com.

The firm’s business revenue during the same period was 38.89 billion yuan, up 0.15% year-on-year, due to higher metal output and sales.

The company, which mainly mines gold, copper, zinc and lead, said it aims to increase gold output by 15% to 42.5 tonnes this year. It is also expected to hike copper production by 3% to 155,000 tonnes.

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