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Chinese cobalt miner Nanjing Hanrui expects FY'19 earnings to slump

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Chinese cobalt miner Nanjing Hanrui expects FY'19 earnings to slump

Chinese cobalt and copper miner Nanjing Hanrui Cobalt Co. Ltd. expects its net profit attributable to shareholders for the 2019 full year to decrease between 97.9% and 98.6% as cobalt prices dropped during the period, it said Jan. 15.

The company estimated that its earnings would fall to between 10 million Chinese yuan and 15 million yuan, compared to 707.6 million yuan it reported for 2018.

As of Jan. 15, US$1 was equivalent to 6.89 Chinese yuan.