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Zhaojin Mining's H1'19 net profit falls on higher gold costs

Zhaojin Mining Industry Co. Ltd. reported a 20.8% year-over-year fall in net profit attributable to shareholders of 238.9 million yuan for the first half due to higher integrated gold costs.

Revenue fell 1.76% to 2.82 billion yuan as a result of a decrease in copper sales prices and production volume.

Gold production for the period fell 4.37% on a yearly basis to about 510,717 ounces due to lower output from its smelting and tolling operations, while copper output fell 19.69% to 9,781 tonnes.

In August, Zhaojin said it was planning to double its annual gold output to 1.3 million ounces as early as 2024 through overseas acquisitions.

As of Sept. 13, US$1 was equivalent to 7.08 yuan.