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China Nonferrous Mining flags potential return to profit in FY'16

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China Nonferrous Mining flags potential return to profit in FY'16

Based on initial calculations, China Nonferrous Mining Corp. Ltd. expects to book a decrease of about US$270 million in its loss attributable to company owners and may post a profit for the year ended Dec. 31, 2016.

In comparison, the company booked a loss of US$279.9 million, or 8.02 U.S. cents per share, for the year ended Dec. 31, 2015.

This improvement is expected to be driven by an increase in revenue, as the company recorded year-over-year increases of 10.8%, 11.8% and 9.2%, respectively, in its production of blister copper, cathode copper and sulfuric acid.

The group produced 206,000 tons, 76,000 tons and 525,000 tons, respectively, of blister copper, cathode copper and sulfuric acid in 2016.

In addition, depreciation costs fell due to a provision of US$343 million in impairments in 2015, and the exchange loss decreased due to relatively stable exchange rates of the Zambian kwacha in 2016.