TMCnet News
DJ China Zijin Mining Plans 2006 Capex Of CNY800M To CNY1B(Comtex Business Via Thomson Dialog NewsEdge)HONG KONG, Mar 29, 2006 (Dow Jones Commodities News Select via Comtex) --Gold and copper producer Zijin Mining Group Co. (2899.HK) said Thursday it plans capital expenditure of CNY800 million to CNY1 billion this year to boost its production capacity. Capital spending for China's largest gold producer by output totaled CNY1.3 billion in 2005, Chief Financial Officer Zhou Zhengyuan told a news conference. The Fujian-based company said it plans to nearly double its production volume of gold this year to 40 metric tons, and may issue additional shares to raise capital for capacity expansion and new projects. The company listed shares in Hong Kong in 2003. Zijin produced 20.96 tons of gold last year, 9.36% of China's total output of 224.05 tons. The company's 2005 net profit was CNY703.6 million, up from CNY417.6 million the previous year. Strong gold and copper prices last year boosted its earnings. -By Joyce Li, Dow Jones Newswires; 852-2802-7002; [email protected] -Edited by Sharon Buan (END) Dow Jones Newswires 03-29-06 2321ET |