December 03, 2008

Zijin Mining plans to increase output in 2008

Platts reported that Hong Kong listed Zijin Mining Group Co Ltd plans to raise its iron concentrate, refined copper and gold output in 2008.

Zijin Mining Group Co Ltd plans to produce 1.26 million tonnes iron concentrate in 2008 up by 45% YoY as compared to 2007. Its copper output target is set at 59,000 tonnes for 2008 up by 25% YoY as compared to 2007, while gold output is estimated at 57.3 million tonnes in 2008 up by 11% YoY as compared to 2007.

Zijin Mining Group Co Ltd said that despite the fact that the US economic slowdown could limit global demand for nonferrous metals, it planned to raise its iron concentrate, copper and gold output in 2008 due to an anticipated increase in metal prices.

Zijin Mining reported total sales of CNY 14.871 billion in 2007 up by 39% YoY as compare to 2006. Net profit reached CNY 2.552 billion in 2007 up by 49.72% YoY as compared to 2006.