Tsafi

[popeyej]

Zijin Mining`s first-half profit surges 81% on output


Zijin Mining Group Co, owner of China`s largest gold mine, said second-half output of the precious metal may gain by a third after posting an 81% increase in profit for the first six months.

Net income rose to Yu1.2 billion yuan (US$158 million), or Yu0.09/share, from Yu662 million, or Yu0.05 yuan, as prices and output advanced, the company said in a statement on Thursday.

Gold production in the second-half is forecast at 29t compared with 22.3t in the first six months, it said.

Chen Jinghe, chairman of Fujian-province based Zijin, said in March the company plans to acquire more mineral resources and boost exploration. Profit at China`s gold mining companies gained 40% in the first half on rising output and prices, according to the China Gold Association.

“The recent drop in share prices is mainly triggered by Asian stock markets` tumble on US subprime concerns.``