Zijin Mining Group's First-Half Profit Surged on Base Metals Demand

By Yongchang Chin

Zijin Mining Group's first-half net profit more than doubled on the back of a rise in revenue and strong demand for base metals, the company said Saturday.

Profit rose to 6.65 billion yuan ($1.03 billion) from CNY2.42 billion in the year-ago period, while revenue climbed 32% to CNY109.86 billion.

The Chinese mining company cited the global economic recovery and resulting growth in demand for base metals as driving the results, but said that loose monetary policy and inflation pose potential risks.

Zijin Mining expects gold prices to remain high due to the slower-than-expected recoveries of major economies like Europe and the U.S. It anticipates that copper prices will remain high amid a better-than-expected rebound in global manufacturing activity.

Write to Yongchang Chin at [e-mail]

(END) Dow Jones Newswires

08-01-21 2057ET