The Industrial Mining Industry lost nearly 100 million yuan in the first half of the year and became the main cause of the transportation accident.

Published: Jul 24, 2019 14:49

Save

SMM7 24: located in the "hometown of non-ferrous metals in China", Inner Mongolia Xingye Mining Co., Ltd. (referred to as "Xingye Mining") announced the results for the first half of 2019. From January 1, 2019 to June 30, 2019, the company expects a net profit loss of 50 million-100m for shareholders of listed companies, down 113.6% to 127.20% from the same period last year.

The main reason for the decline in the net profit of Xingye Mining Industry is that a major transportation safety accident occurred in Xiwuzhumuqin Banner Yinman Mining Co., Ltd. (hereinafter referred to as "Yinman Mining"), which led to the suspension of production and business rectification of Yinman Mining since February 23, 2019. Inner Mongolia Xingye Group Rongguan Mining Co., Ltd. (hereinafter referred to as "Rongguan Mining"), a wholly owned subsidiary of Inner Mongolia Xingye Group Rongguan Mining Co., Ltd. (hereinafter referred to as "Xilin Mining Co., Ltd."), according to the notice on the immediate suspension of production and Construction of non-Coal Mine Enterprises in Inner Mongolia, issued by the Emergency Management Bureau of Xilingol League, Since February 26, 2019, the East Wuzhumuqin Banner Emergency Management Bureau has carried out law enforcement inspections on the concentrators and mining areas of Rongguan Mining and Xilin Mining Industry on April 10, 2019 and June 4, 2019, respectively. agree to resume production; At present, Rongguan Mining and Xilin Mining have fully resumed production). As a result of the suspension of production of the above subsidiaries, the reduction in the production and sales of mineral products directly affected the operating performance of the company during this period.

The main products of Xingye Mining Industry are lead, zinc, copper, iron, bismuth, tungsten, silver, tin and other non-ferrous metals, precious metals and black metals. The affiliated enterprises are Xiwuzhumuqin Banner Yinman Mining Co., Ltd., Inner Mongolia Xingye Group Xilin Mining Co., Ltd., Inner Mongolia Xingye Group Rongguan Mining Co., Ltd., Tanghe Times Mining Co., Ltd., Xingye Mining (Shanghai) International Trade Co., Ltd., Xingye Mining (Shanghai) Equity Investment Fund Management Co., Ltd., Chifeng Fusheng Mining Co., Ltd., Bahrain Youqi Juyuan Mining Co., Ltd., Xilingol League Shuangyuan Nonferrous Metals smelting Co., Ltd., Zhengxinbai Banner Qianjinda Mining Co., Ltd., Chen Balhuqi Tiantong Mining Co., Ltd., Chifeng Rongbang Mining Co., Ltd., Chifeng Ruineng Mining Co., Ltd., Xiwuzhumuqin Banner Yitong Mining Co., Ltd. 14 molecular companies.

Societe Generale Mining net profit Transportation Safety

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

10 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

10 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

10 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

10 hours ago