Heavyweights

Zijin Mining profits up in first half

(chinadaily.com.cn)
Updated: 2010-08-10 10:50

Zijin Mining Group Co, China's largest gold producer, announced Tuesday that its net profits grew 40.05 percent from a year earlier, to 2.71 billion yuan in the first six months of this year, with earnings per share standing at 0.186 yuan.

The compan's total revenue in the first half was 13.46 billion, up 39.78 percent year-on-year.

Zijin said price increases of its main products and the expansion of production capacity were factors in the net profits surge.

The "toxic water waste incident" caused the company's operating revenue to fall 780 million yuan, Zijin said in its interim report, but that did not include costs for taking emergency measures and compensations.

A China Daily report said that on July 4, about 9,000 cubic meters of toxic waste water spilled from a blown-out sewage tank at a Zijin copper plant into the Tingjiang River in Fujian, killing thousands of fish. Zijin said it reduced production after being instructed to do so by the local government.