Zhaojin set to join global gold rush
21st Aug 2012
AUGUST 21: Zhaojin Mining is likely to join in the ongoing wave of acquisitions being made by Chinese gold miners around the world.
The company says it’s looking to expand further beyond its home province of Zhaoyan, flagging its intention to acquire another 50t – or more than 1.7Moz– of gold resources.
In addition, the company said it started 22 construction projects that would help expand its production base further.
Zhaojin, one of China’s biggest gold producers with market capitalisation of more than $US3.8B, recorded a 30% first half net profit fall to RMB525.2M ($US82.6B), down from RMB746.2M a year ago.
The company blamed the fall on a decrease in sales and an increase in inventories, with analysts noting that Zhaojin could be betting on a lift in the gold price in the near term.
Total group gold production was up 9.52% to 402,537oz.
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