China's Western Mining says 2007 net up 12 pct
Wed Apr 9, 2008 11:11pm EDT
reuters.com
SHANGHAI, April 10 (Reuters) - Western Mining Co (601168.SS: Quote, Profile, Research), China's second-largest lead miner, said on Thursday its net profit surged 12 percent in 2007 to 1.7 billion yuan ($242.8 million).
Revenue rose 6 percent from a year earlier to 8.7 billion yuan in 2007, the company said.
Western Mining, in which a unit of Goldman Sachs (GS.N: Quote, Profile, Research) holds an 8.07 percent stake, said its lead and zinc production in ore had risen 17 percent from a year earlier to 162,000 tonnes, while copper production in ore was unchanged at 25,000 tonnes.
The company, which has been actively buying mines and expanding its smelting capacity, plans to continue to increase its mining reserves both at home and abroad.
Western Mining, China's fourth-largest zinc smelter, said it was also planning to expand its smelting capacity.
It is building or planning to build 100,000 tonnes of zinc smelting capacity and 100,000 tonnes of lead smelting capacity.
In 2008, it plans to produce 162,000 tonnes of lead and zinc in ore and 28,000 tonnes of copper in ore. It expects revenue to jump 46 percent to 12.7 billion yuan.
Demand for base metals is unlikely to grow as fast as in the past few years, due to a slowdown in the U.S. and European economies, the company said. ($1=7.001 Yuan) (Reporting by Rujun Shen; Editing by Edmund Klamann) |
