China Western Mining lowers 2009 output target
by Reuters News on 25 August 2009, 12:59 PM
communities.thomsonreuters.com
SHANGHAI, Aug 25 (Reuters) - Western Mining Co, China's second-largest lead miner, said on Tuesday that it has lowered its output target for 2009 after missing its production plan in the first half, partly because of slumping base metal prices.
Western Mining said it had cut its full-year output target for copper in concentrate to 19,000 tonnes from 29,300 tonnes, and lowered its target for refined lead to 10,000 tonnes from 20,000 tonnes. It cut its refined zinc target to 56,000 tonnes from 61,000 tonnes.
The miner said production of copper in concentrate in the first half met 63 percent of its planned 9,200 tonnes, as a result of a mining facility repair and a relatively low price of copper.
It said it produced 24,500 tonnes of refind zinc, 80 percent of its target.
The company's lead production facilities were offline during the first half. Western Mining said on Tuesday that net profit for the first half was down 94 percent from a year earlier to 45.6 million yuan ($6.68 million), and forecast a more than 50 percent slump in earnings for the first three quarters from a year earlier.
Shares of the miner closed at 15.09 yuan each on Monday, having fallen by 21 percent in the past month. ($1=6.830 Yuan)
(Reporting by Alfred Cang; Editing by Chris Lewis) |
