Zijin Mining profit soars 90pc in first half

Zijin Mining (2899) recorded 89.95 percent growth of interim net profit from 6.65 billion yuan (HK$7.73 billion) to 12.63 billion yuan as of June due to the continuous progress and expansion of its mining projects.

For the six months ended June, 82 percent of the company's operating income was derived from customers in the mainland, and 59 percent of the company's assets were located in mainland China.

The growth is mainly due to the construction of key projects that have been accelerating in the first half, such as the copper mine projects in Congo and the gold mine projects in Australia.

There will be no interim dividend.

The price of gold rose to US$1,982 (HK$15,539) per ounce in March when war broke out between Russia and Ukraine and closed at US$1,818 on Friday.

In other news, Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production. Net income rose to US$48.4 billion in the second quarter, up from US$25.5 billion a year earlier, the state-controlled company said.