Zijin Mining 2899

Re: Zijin Mining 2899

Postby winston » Thu Sep 18, 2014 5:17 pm

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ZIJIN MINING (02899.HK)'s shareholders reduce A-share holdings

ZIJIN MINING (02899.HK) -0.010 (-0.508%) Short selling $4.47M; Ratio 12.123% announced that it received a notice from its shareholders, Mr. Chen Fashu and Xinhuadu Industrial Group Co., Ltd. saying that on 16 and 17 September, they reduced the shareholding of the company’s non-restricted tradable shares by 22,158,206 shares and 77,669,189 shares through the auction trading system of the Shanghai Stock Exchange.

Since Mr. Chen Fashu is a substantial shareholder of Xinhuadu, both of their actions are deemed to be action in concert.

Source: AAStocks Financial News
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Re: Zijin Mining 2899

Postby winston » Fri Feb 13, 2015 7:26 am

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ZIJIN MINING (02899.HK) target lifted to $2.6, kept Buy - Citi

Citigroup trimmed ZIJIN MINING (02899.HK) 0.000 (0.000%) Short selling $17.59M; Ratio 28.718% 's FY15 earnings forecast by 2%, as a reflection of Citi commodity team's latest metal price forecasts.

In addition, Kolwezi copper mine is expected to bring contribution starting from year 2017.

The rating was maintained at Buy and the target price was hiked from $2.4 to $2.6, representing 18.6x FY15PE and 9.3x EV/ EBITDA.

Source: AAStocks Financial News
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Re: Zijin Mining 2899

Postby winston » Thu Oct 22, 2015 6:01 am

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Less profit from gold digs

Despite increasing production and sales, gold- focused Zijin Mining Group (2899) took a fall of 14 percent in net profit in the first three quarters of this year to 1.69 billion yuan (HK$2.06 billion) compared to the 2014 period.

The cause was lower prices for gold and copper.

Excluding non-recurring losses, net profit tumbled 18.4 percent.

Production of mined gold was up 7 percent and sales volume 8 percent, but the unit selling price slumped 9 percent, offsetting a 7.3 percent trimming of selling costs.

Gross profit margin slid to 36.5 percent from 38 percent and the overall gross profit margin of mining entities 39.9 percent, down 6.59 percentage points on the performance in the 2014 period.

Zijin is now among companies weighing prospects in Australia's Cobar copper mine, which Switzerland-based Glencore is selling to cut debt.

The sale of Cobar in New South Wales and a larger project in Chile could fetch up to US$1 billion (HK$7.8 billion) according to UBS. Glencore says Cobar produces yearly about 50,000 tonnes of copper concentrate.

Zijin is pursuing acquisitions overseas with some urgency because of lower valuations in the mining sector, chairman Chen Jinghe told Bloomberg recently.

In May, it spent US$710 million buying into mines in Papua New Guinea and the Democratic Republic of Congo.

On a related front, Chinalco Mining Corp International (3668), a unit of China's biggest aluminum producer Aluminum Corp of China, remarked on a strike at its Peru Toromocho mine over pay and benefits. It was taking steps to reduce the strike's impact as talks with a labor union continued.

Source: AGENCIES
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Re: Zijin Mining 2899

Postby winston » Fri Dec 18, 2015 8:43 am

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C Suisse Upgrades ZIJIN MINING(02899.HK) to Outperform with Target Lifted to $2.6

2015/12/07

Credit Suisse upgraded ZIJIN MINING(02899.HK) 0.000 (0.000%) Short selling $3.91M; Ratio 9.762% to Outperform from Neutral and raised the target price from $1.9 to $2.6.

The research expected a re-acceleration of ZIJIN MINING's production profile, with gold production rising 33% next year, followed by 5-15% growth for mined Cu p.a. in 2016-2018. driven by expansion of three overseas projects.

Source: AAStocks Financial News
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Re: Zijin Mining 2899

Postby winston » Tue Mar 29, 2016 7:20 am

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Miner puts shining face on the year

Lower prices for gold during a time of less demand saw 2015 profit for Zijin Mining (2899) fall 29 percent to 1.65 billion yuan (HK$1.97 billion), with no final dividend proposed on earnings per share of eight fen.

Still, Zijin boosted production volume considerably, which sparked a 26-percent gain over 2014 in operating income to 74.3 billion yuan.

Among mineral resources businesses, the rise in gold product volume was seen as significant, jumping 56 percent.

Gold sales made up 71 percent of operating income and represented 40 percent of Zijin's gross profit. And lower gold prices were seen to justify the fall in profit as the unit price for processed gold slipped 6 percent to 234.62 yuan per gram.

So the gross profit margin retreated to 8.47 percent from 13.4 percent in the previous year.

Copper and lead products posted 11- and 39-percent increases
in volume while silver and iron mined rose 27 percent. Zhaojin Mining Industry (1818) saw profit slumping 32 percent to 308.14 million yuan in 2015. Basic earnings per share was 10 fen, with a final dividend of four fen to be paid.

Source: The Standard
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Re: Zijin Mining 2899

Postby winston » Tue May 03, 2016 7:49 am

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Mining firm's net profit plunges

by Daisy Wu

Fujian-based Zijin Mining (2899) saw its first quarter net profit plunge 84.6 percent from a year earlier to 63.76 million yuan (HK$76.4 million) mainly due to fair value and investment losses.

The mining company, led by chairman Chen Jinghe, suffered an investment loss of 428.22 million yuan and a fair value loss of 296.48 million yuan, both from certain hedging and gold leasing business.

Basic earnings per share slumped to 0.3 fen.

"Since gold price and other metals prices rose substantially during the first three months, the use of hedging for mineral products offset income from sales of physical commodities against rising product prices, causing a significant decline in the company's net profit," the firm said.

"In addition, as the company held a relatively large size of gold leasing, when gold price went up, financing cost increased, leading to a drop in the company's income."

Total operating income rose by 22 percent to 19.4 billion yuan.

Net cash flow from operating activities slid 68.3 percent to 442.06 million yuan, "mainly attributable to increase in credit sales of iron ores and copper and decrease in selling prices of major metals."

Unit prices of mine-produced gold and silver, and mine-produced and refinery copper and zinc all dropped in the first quarter.

The stock rose 1.58 percent to HK$2.57 on Friday.

Source: The Standard
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Re: Zijin Mining 2899

Postby winston » Thu May 19, 2016 3:38 pm

ZIJIN MINING Proposes Cash Div of RMB0.6/10 Shares

ZIJIN MINING (02899.HK) since the board resolved to terminate the non-public issuance of A shares, in consideration of providing reasonable investment returns to shareholders, the board proposed that on the basis of 21,540,743,650 shares after deducting the number of H shares repurchased, cash dividends of RMB0.6 (tax included) for every 10 shares will be distributed to shareholders.

The total amount of cash dividends distribution will be over RMB1.292 billion The remaining balance of undistributed profit will be reserved for further distribution in future financial years.

The company?s net profit attributable to shareholders of the listed company in 2015, which was calculated under the China Accounting Standards for Business Enterprises, was RMB1.656 billion.

Added the undistributed profit accumulated in prior years of RMB15.866 billion, the company?s actual amount of profit distributable to shareholders, as at 31 December 2015, is RMB17.522 billion.

Source: AAStocks Financial News
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Re: Zijin Mining 2899

Postby winston » Thu May 19, 2016 3:40 pm

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May 3, 2016

<Research Report>C Suisse Lifts ZIJIN MINING (02899.HK) Target to $3; Rated Outperform

ZIJIN MINING (02899.HK) 1Q net profit was RMB64 million, down 85% YoY.

Excluding one-off items, mostly a RMB724 million hedging loss, recurring NP was RMB596 million, up 20%, which was largely in line with the estimates of Credit Suisse.

The research house revised up the company's 2016-2017 EPS forecast by 15-30% and lifted the target price to $3 from $2.8 while maintaining the rating at Outperform.

Source: AAStocks Financial News
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Re: Zijin Mining 2899

Postby winston » Sun Jul 10, 2016 2:06 pm

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ZIJIN MINING (02899.HK) Plans to Issue A Shares to Raise RMB4.8B

ZIJIN MINING (02899.HK) -0.020 (-0.683%) Short selling $7.35M; Ratio 5.243% announced that the company proposed for the non-public issue of up to 1.553 billion A shares to no more than 10 specific targets to raise proceeds of up to RMB4.8 billion.

Source: AAStocks Financial News
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Re: Zijin Mining 2899

Postby winston » Mon Aug 29, 2016 9:06 am

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<Result Ann>ZIJIN MINING (02899.HK) Interim Net Profit Plunges 59.9%

ZIJIN MINING (02899.HK) announced the results for the first half ended 30 June 2016.

Net profit plunged 59.9% to RMB538 million, with EPS of 2.5 fen.

No interim dividend was declared.

Source: AAStocks Financial News
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