Huludao Zinc Posts $7.3 million Loss in H1

SHANGHAI, Aug. 31 -- Huludao Zinc Industry Co, China's biggest producer of the metal, said it made a net loss of RMB 50 million (USD 7.3 million) in the first half of the year on lower prices and weaker demand.

    But this was 74% lower than a net loss of RMB 196 million a year earlier.

    "Weak prices and limp demand were the key reasons for the losses," said Huluodao in its half year statement.

    "However, we also took advantage of the opportunity and made ourselves well supplied with raw materials such as zinc concentrates," it added.

    Huludao produced 155,000 mt of zinc and 280,000 mt of sulfuric acid in the first six months, down 11% and 6% year-on-year.

    Lead output was 8,350 mt, up 1.11% on the year.

    Although Hudaodao is the biggest zinc smelter in China, it does not have any self-owned mines and all its raw materials are imported from overseas.

    (Source: Metal Bulletin)