Chinese mining giant Zijin expects 140% net profit jump in 2021 on higher production of all metals
Welcome to Kitco News' 2022 outlook series. The new year will be filled with uncertainty as the Federal Reserve looks to pivot and tighten its monetary policies. At the same time, the inflation threat continues to grow, which means real rates will remain in low to negative territory. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2022.
(Kitco News) - China’s Zijin Mining reported yesterday that in 2021, the company’s estimated realized net profit attributable to owners of the listed company to be approximately RMB15.6 billion (~$2.5 billion), representing an increase of approximately 139.67% compared with 2020.
Importantly, Zijin said that in 2021, the company produced 47.5 tonnes of mine-produced gold (up 17.28% on 2020), 584,000 tonnes of mine-produced copper (up 28.92%), 434,000 tonnes of mine-produced zinc (up 14.81%), 309 tonnes of mine-produced silver (up 3.34%), and 4.248 million tonnes of iron ore (up 9.71%).
Moreover, the company added that during 2021, the selling prices of mine-produced copper, mine-produced zinc, mine-produced silver and iron ore increased compared with the same period last year, while the selling price of mine-produced gold declined compared with the same period last year.
Zijin Mining is a multinational mining group dedicated to exploration and development of gold, copper and other mineral resources globally. The company owns significant mining investment projects in 12 overseas countries and 14 provinces (regions) in China. It is one of the Chinese companies owning the largest metal resources volume, controlling the largest reserve volumes of copper and gold resources overseas.
|Novo says gold production at Nullagine in Q4 was lower than expected due to technical issues|