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Hedging impact weighs on Zijin Mining H1 earnings

Zijin MiningGroup Co. Ltd.'s net profit attributable to owners of the parentslumped 60.48% year over year to 530 million Chinese yuan in the first sixmonths of 2016, according to preliminary figures released July 15.

Basic EPS fell 59.68% to 2.5 fen per share.

The steep fall in the Chinese group's profit was attributedto the impact of hedging as certain products did not benefit from risingcommodity prices.

Operating profit meanwhile fell 68.13% to 609.7 million yuan.

Recently, Zijin Mining announced shares to raise grossproceeds of up to 4.80 billion yuan for the development of the copper project in theDemocratic Republic of Congo.

As of July 14, US$1was equivalent to 6.69 Chinese yuan.