Zijin Mining Expecting Bumper Profits

By Joel ScanlonJan 18 2011

Zijin Mining Group Co Ltd has had an excellent year in 2010. The gold and base metals company is expecting to see its net profits rise by 30 to 40% as it gets ready to announce its net profit for the last year.

The extraordinary growth is being attributed to the great rise in metal prices and to marginally increased production in copper and zinc products.

In a filing on the weekend with the Hong Kong bourse the company said that its net profit attributable to the equity holders to be between 4.6 billion yuan to 5 billion yuan. This would approximate to US$698.3 million. It is a huge jump from just a year ago in 2009 when the net profit was calculated at 3.55 billion yuan.

The annual report of the company is due on March 31, 2011. The largest listed gold miner in China had announced plans last month to spend 130 million yuan in a joint veture with Zijin Longhu Ecological Development Co in which it was to hold a 70% stake. The capital would be injected via a wholly owned subsidiary Fujian Zijin Investment Co Ltd.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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