Zijin Gold and parent Zijin Mining both flag H1 net profit jumps, up 1.69 times and 68pc

Zijin Gold International Company (2259) and its parent company, Zijin Mining (2899), both estimate their net profit for the first half of the year to surge 1.69 times and 68 percent year on year, respectively, in their Positive Profit Alert released on Thursday.

Zijin Gold International Company expects its net profit to rise 169 percent to US$1.4 billion (HK$10.9 billion). The company’s business growth is mainly attributed to the mine-produced gold output, which rose  42 percent to approximately 27 tonnes, as well as the increase in sales price of mine-produced gold and the acquisitions of two producing gold mine projects that achieved profitability.

As for Zijin Mining, it forecasts its net profit to increase approximately 68 percent to 39.1 billion yuan (HK$45 billion). The company said all its main businesses continued to advance steadily amid fluctuations and volatility in metal prices and multiple external disruptions affecting the industry as a whole. Its production volume for mine-produced gold rose 15 percent. The sales price of its products also increased significantly, including rare and precious metals, sulphuric concentrates, and sulphuric acid. 

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