Zijin Mining Group Co. Ltd. expects to miss its full-year 2019 production guidance for gold, copper and zinc, despite increasing the projected output of the metals, Reuters reported Oct. 10, citing a company presentation by executive director George Fang at the China Mining conference in Tianjin province.
Gold output is estimated to increase 4.7% yearly to around 38.2 tonnes, but below the guidance of 40 tonnes. Copper output is projected to rise 37.3% to 342,000 tonnes, but missing the target of 350,000 tonnes. Zinc output is expected to climb 34.2% to 373,000 tonnes, also below the guidance of 380,000 tonnes.
Reuters noted that Zijin set higher output targets in March after acquiring stakes in Nevsun Resources Ltd. and RTB Bor Group last year.
Meanwhile, Shandong Gold Mining Co. Ltd. will raise its full-year output to between 48 tonnes to 50 tonnes to take advantage of high prices, according to the newswire, citing director Wang Lijun. The company aims to produce about 37.87 tonnes of gold this year after last year's gold output came in at 39.32 tonnes, the report said.
China National Gold Group Corp. expects its full-year gold output to remain steady year over year at about 40 tonnes, Chairman Song Xin said in the report.
The three executives declined Reuters' request for comment on reports about their failed attempts to acquire IAMGOLD Corp.
