Jiangxi Copper Expects to See 140-160% Rise in Profit on Upbeat Metals in First Quarter

SHANGHAI, Apr. 10 (SMM) - Jiangxi Copper released its performance growth forecast April 7 and expects its profit belonging to listed shareholders to rise 140-160% year-on-year in the first quarter of 2017, according to cs.com.

Prices for major metal products of the company rose on a yearly basis in the first quarter, which is the main factor boosting its performance, the company said.

Net profit of listed shareholders in Q1 2016 was 201,371,672 yuan, with 0.06 yuan per share. 

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Its profit of parent company increased 23.59% year-on-year to 788 million yuan in 2016 thanks to rising metal prices.

Copper prices rose 24.6% in 2016, and prices for other metals also advanced.

The company plans to produce 208,900 tonnes of copper concentrate in 2017. Gross margin will increase 205 million yuan when copper prices rise 1,000 yuan per tonne.

Its copper, gold and silver output will add 25,500 tonnes, 8,100 tonnes and 238,500 tonnes, after commissioning of three projects. 

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