Zijin Mining 2009 Net Profit Up 17.8% At CNY3.54 Bln

SHANGHAI, Mar 30, 2010 (Dow Jones Commodities News via Comtex) -- Gold miner Zijin Mining Group Co. (2899.HK) said Tuesday its 2009 net profit rose 17.8% due to rising gold output and product prices.

The company, which also produces copper, said its net profit for the 12 months ended Dec. 31 was CNY3.54 billion, up from CNY3.01 billion in 2008.

Revenue rose 23.4% to CNY20.96 billion from CNY16.98 billion.

The Hong Kong- and Shanghai-listed company, which is based in Fujian, said it expects fast growth this year as metal prices will likely stay high.

The company said it expects gold prices to consolidate around an elevated level this year, while copper prices will stay well supported. However, it said price volatility may increase this year.

China's demand for gold has been growing rapidly as Chinese consumers' spending power has risen along with the country's booming economy. China is the world's largest gold producer and the second-largest consumer after India.