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China Nonferrous Mining swings to FY'15 loss on impairments, tax liabilities


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Essential Metals & Mining Insights - January 2021

Industry Top Trends 2021: Metals and Mining

China Nonferrous Mining swings to FY'15 loss on impairments, tax liabilities

ChinaNonferrous Mining Corp. Ltd. booked a loss attributable to companyowners of US$279.9 million, or 8.02 U.S. cents per share, for the year endedDec. 31, 2015, swinging from a profit of US$146.8 million, or 4.21 cents,recorded in 2014.

The company attributed the result to the decrease in therevenue and gross profit from major products due to the decline ininternational copper prices, a recognition of a US$343.2 million impairment, aswell as re-recognition of deferred income tax liabilities arising fromadjustment of Zambia income tax policy, which nearly US$91.1 million from theannual profit.

Earlier, the company flagged a noncash impairment on its copper assets ofUS$300 million to US$350 million in 2015. However, the reported year-over-yearloss is much bigger than the expected US$100 million the company in January.

Revenue, meanwhile, slumped 38.8% on a yearly basis toUS$1.19 billion.

In 2015, blister copper and sulfuric acid output reached185,698 tonnes and 481,364 tonnes, respectively, representing decreases of16.4% and 21.4%. Copper cathode production rose 21.2% to 68,464 tonnes.

The company's board does not recommend the payment of finaldividend for the year.

This year, China Nonferrous will continue to increaseinvestments in geological exploration and development and identify suitableacquisition targets in copper-rich regions.

The High Cobalt Matte project will be completed in 2016, thecompany said.