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Zijin Mining's H1'19 net profit falls 26.6% YOY; gold production up 44.6%

Zijin Mining Group Co. Ltd.'s first-half attributable net profit slumped 26.6% year over year to 1.85 billion Chinese yuan from 2.53 billion yuan.

Operating income in the six months jumped 34.9% to 67.2 billion yuan, but operating costs swelled 39.6% to 59.64 billion yuan, on a yearly basis.

Operating profit in the half slipped to 3.22 billion yuan from 3.78 billion yuan a year ago due to an increase in administrative, financial and interest expenses, as well as lower investment income and gains on changes in fair value.

Gold production for the Chinese diversified miner climbed 44.6% year over year to 151,735 kilograms in the six months, while silver production fell 18.6% to 250,609 kilograms.

Copper production increased 17.8% to 397,269 tonnes, and zinc output climbed 21.2% to 295,377 tonnes. Lead production dropped 9.6% to 17,418 tonnes, while iron ore production grew 32.3% to 1.68 million tonnes.

As of Aug. 29, US$1 was equivalent to 7.14 Chinese yuan.