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    601899   CNE100000B24

ZIJIN MINING GROUP COMPANY LIMITED

(601899)
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Zijin Mining : China Zijin reports 175% jump in first half, beats 2020 full-year results

07/30/2021 | 08:15am EDT
The company logo of Zijin Mining Group Co Ltd, China's biggest listed gold producer, is displayed at a news conference following its annual results in Hong Kong

BEIJING/HONG KONG (Reuters) - Zijin Mining Group Co Ltd, one of China's top gold miners, on Friday reported a 174.6% surge in net profits for the first half of the year, thanks to surging gold and copper prices driven by the global economic recovery.

In the first six months, the mining giant earned 6.6 billion yuan ($1.02 billion), it said in a filing to the Shanghai Stock Exchange. That was up from a net income of 2.4 billion yuan in the first half last year and beat the 6.5 billion yuan it earned in total in 2020.

"Major countries' monetary policies remained loose (in the first half)... gold prices had been running at high levels," according to Zijin.

Meanwhile, the energy transition push around the world had sent copper prices to ten-year highs, said the company, adding the supply-side still faces uncertainty due to the pandemic situation.

The miner produced 150 tonnes of gold in the first half, falling 7.58% from the same period a year earlier, said the company.

Copper output during January-June rose 6.5% from a year earlier to 555,782 tonnes, said the company.

For the second half of the year, Zijin expects to see its copper production to increase by 90,000 - 100,000 tonnes from projects in Serbia and DRC and about two more tonnes of gold from the Cukaru Peki copper-gold mine.

It would also actively promote the resumption of the Porgera gold mine in Papua New Guinea, said the company, without giving further details.

The company, along with Barrick Gold Corp, had been trying to resume operations at the Porgera mine after local government refused an extension of the expired lease.

Zijin's share price on the Shanghai bourse closed at 10.25 yuan per share and HK$11.02 on the Hong Kong Exchange on Friday.

($1 = 6.4615 Chinese yuan renminbi)

(Reporting by Min Zhang in Beijing and Meg Shen in Hong Kong; Editing by Kirsten Donovan and Louise Heavens)

By Min Zhang and Meg Shen


ę Reuters 2021
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Financials
Sales 2021 210 B 32 480 M 32 480 M
Net income 2021 13 745 M 2 126 M 2 126 M
Net Debt 2021 47 142 M 7 291 M 7 291 M
P/E ratio 2021 15,3x
Yield 2021 2,91%
Capitalization 259 B 40 114 M 40 112 M
EV / Sales 2021 1,46x
EV / Sales 2022 1,24x
Nbr of Employees 36 860
Free-Float 72,4%
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Lai Chang Zou President & Executive Director
Shui Qing Lin Chairman-Supervisory Board
Jing He Chen Chairman
Kai Xi Jiang Chief Scientist & Engineer
Guang Zhu Independent Director
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