Metals News
Zijin Mining's net profit in the first half of the year was about 2.523 billion yuan, up 67.6 per cent from a year earlier.
Jul 23,2018
The content below was translated by Tencent automatically for reference.

SMM: Zijin Mining (02899-HK) announced that in the first half of 2018, the company's total operating income was about 49.814 billion yuan (the same below), an increase of 32.75 percent over the same period last year; The net profit belonging to the shareholders of the listed company is about 2.523 billion yuan, an increase of 67.60% over the same period last year, and the basic earnings per share is 0.11 yuan.

The main factors affecting the company's performance are as follows: (1) the prices of copper, zinc and other metals in the main products have increased compared with the same period last year; (2) the production plan of mineral copper and mineral zinc has been completed well, in which the production and sales of mineral copper have increased greatly compared with the same period last year, mainly due to the commissioning and rapid production of the flotation system of the Democratic Republic of the Congo (DRC) Koluwezi Copper Mine in the second half of 2017; (3) the exchange rate fluctuation of RMB leads to the decrease of exchange loss compared with the same period last year; (IV) the Group has implemented the new financial instrument standards since the beginning of 2018, and the company's Ivanhoe shares have been reclassified as "financial assets measured at fair value and whose changes are included in other comprehensive income", no longer affecting current gains and losses; (v) A small increase in costs. The company further increases the investment in safety, environmental protection and ecology; the price of bulk materials rises, the cost of material procurement increases; mining enterprises with the deepening of mining, ore transportation costs rise, and so on.

Zijin Mining
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