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Zijin FY'17 earnings jump nearly 91% on higher output, prices

Zijin Mining Group Co. Ltd.'s attributable net profit for 2017 soared nearly 91% to 3.51 billion Chinese yuan on the back of higher production volumes and product prices, as well as an improvement in operational efficiency.

Operating income, meanwhile, climbed 19.91% to 94.55 billion yuan, according to a March 23 release.

The group produced a total of 213,765 kilograms of gold for the year, down 0.39% from 214,604 kilograms reported in 2016. This figure comprised 37,483 kilograms of mine-produced gold, which represented a 11.91% decline from the year-ago total.

Sales of mine-produced gold slipped 10.20% to 37,377 kilograms, while refined gold sales were up 1.78% to 176,152 kilograms.

By contrast, copper output rose 13.32% to 636,008 tonnes, driven in part by a 34.22% jump in mine-produced material to 207,987 tonnes. Refined copper also increased 5.34% to 428,022 tonnes.

Sales of mine-produced copper soared 37.65% to 208,183 tonnes while refined copper sales grew 6.22% to 431,191 tonnes.

Zijin also produced 466,998 tonnes of zinc, 36,243 tonnes of lead-in-concentrate and 661,122 kilograms of silver for the year, showing increases of 0.53%, 0.83% and 12.30%, respectively.

The Chinese company is targeting mine production of 37 tonnes of gold, 244,000 tonnes of copper, 274,100 tonnes of zinc and 37,600 tonnes of lead in 2018.

Zijin's board proposed a final cash dividend of 90 fen per 10 shares for the year ended Dec. 31, 2017, up from 60 fen in 2016.

As of March 23, US$1 was equivalent to 6.31 Chinese yuan.