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Zijin loses some sparkle
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Zijin Mining Group Co, China’s largest listed gold producer, has cut its full-year production target and expects bullion prices to remain low after posting its lowest interim results since 2006.
Net earnings at the Fujian Province-based company plunged 54 percent to 1.1 billion yuan (US$180 million) in the first half as gold prices tumbled and volume declined at its key mine. Zijin last month estimated a fall of 45-55 percent in its net profit.
The first-half net profit was only 34 percent of market consensus forecast for 2013 earnings, HSBC analysts Thomas Zhu and Simon Francis said in a note, adding cost increases and asset impairment charges also dented earnings.
“The core gold price is expected to remain low despite a rebound,” Zijin said in a statement. “The base metal prices are also weak in general with greater probability to drop further.”
Gold price has tumbled 21 percent this year on concerns the US Federal Reserve will cut the pace of money printing, heading for its first annual decline since 2000.
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