Sponsored by China Mining Association (CMA)
About Chinese Contribution
 
   
   

Home >> Companies >> Companies News

China's Western Mining cuts 2008 lead, zinc outpu

(Reuters)
Updated: 2008-07-30 10:08
Counter:

    Western Mining Co, China's second-largest lead miner, on Wednesday lowered its lead and zinc production forecast for 2008 after falling zinc concentrate prices cut first-half profits.


    Western Mining expects to produce 54,300 tonnes of zinc, down from its initially planned 70,000 tonnes, it said. Lead output is expected to be 35,300 tonnes, down from the originally planned 65,000 tonnes.


    Its manganese production plan has been cut to 10,700 tonnes from 15,000 tonnes, it said in a statement to the Shanghai Stock Exchange.


    Western Mining's net profit fell 16 percent to 720.2 million yuan ($105.5 million) for the first six months of the year, although revenues rose 80.5 percent from a year earlier to 6.2 billion yuan due to contributions from refining and trading operations, it said.


    The price of zinc concentrate, which accounts for more than 50 percent of the company's output, fell 50 percent year-on-year, it said. The rise in lead concentrate prices was not enough to offset the fall in zinc, the company said.


    Mining costs edged up due to inflation and China's measures to cool the economy, which included higher costs for borrowing.


    A unit of Goldman Sachs owns just over 8 percent of Western Mining. ($1=6.825 Yuan)

 

Comment: Name ValidCode View Comment
     
  Copyright 2001-2010. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Mining Association (CMA). Without written authorization from CMA, such content shall not be republished or used in any form.
If you have any suggestion or opinion, please contact us: (8610) 66557688 or
english@chinamining.org
Note: Browsers with 1024*768 or higher resolution is suggested for this site. Mail Server