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Friday, 24 August 2018, 21:29 HKT/SGT

Source: Zhaojin Mining
Zhaojin Mining 2018 Interim Results Remains Robust
Focus on construction of the main business of gold
Implement plans for stable production and increase in income of key enterprises

HONG KONG, Aug 24, 2018 - (ACN Newswire) - Zhaojin Mining Industry Company Limited ("Zhaojin Mining" or the "Company", stock code: 1818, together with its subsidiaries, the "Group"), a leading gold enterprise in the PRC, announced its interim results for the six months ended 30 June 2018 (the "period under review").

In the first half of 2018, international trade protectionism intensified and trade disputes between the United States and other countries continued to escalate. The Group achieves steady development in response to various challenges. For the six months ended 30 June 2018, the Group's revenue amounted to approximately RMB2,868,567,000. The net profit was approximately RMB386,882,000. The profit attributable to owners of the parent amounted to approximately RMB301,638,000. The basic and diluted earnings per share was approximately RMB0.09.

In the first half of 2018, impacted by policies and measures such as clearing mining rights and reforming the transfer of mining rights in nature reserves areas, which are ecological functions areas, some gold mining enterprises reduced production, shut down and rectified, resulting in a sharp decline in domestic gold production. Confronted with unfavorable factors, the Group insisted on focusing on allocation of advantageous resources, continuously expanding and strengthening key enterprises of gold and further enhancing the driving effect of key enterprises. Gold production has maintained steady growth. In the first half of the year, the Group attained an aggregate gold production of approximately 16,611.72 kg (approximately 534,078.90 ozs), representing an increase of approximately 1.82% as compared to the corresponding period of last year. The gold output from the Group's mines amounted to 10,098.73 kg (approximately 324,681.48 ozs), representing an increase of approximately 2.92% as compared to the corresponding period of last year. Gold output from the smelting and tolling arrangement amounted to approximately 6,512.99 kg (approximately 209,397.42 ozs), representing an increase of approximately 0.16% as compared to the corresponding period of last year. At the same time, the Group attained an aggregate copper production of approximately 12,179 tons, representing an increase of approximately 8.30% as compared to the corresponding period of last year.

During the period, the Company focused on the enhancement of sustainable development capacity and increased the intensity of geological prospecting work. In the first half of the year, geological prospecting investment amounted to RMB40.73 million was carried out. The amount of gold metal increased by 25,331.87 kg, and the amount of copper metal increased by 3,410.83 tons. The Group grasps the line of high-quality development, and implements the "Two Key Priorities" of major projects, fully facilitating the "Top Ten Key Tasks" and "Top Ten Key Projects". The accumulated investment in infrastructure technology reform was RMB268 million and the deep exploration projects included Xiadian Gold Mine, Dayingezhuang Gold Mine and Zaozigou Gold Mine Project, and the top ten construction projects such as Yuantong Mining System Optimization have been progressing smoothly. At the same time, the Group adheres to innovation drive, actively promotes the combination of production, study and research, and the transformation of technological achievements, and completes research investment of RMB54.75 million, including 47 new patent applications, 13 new invention patents and utility model patents. Moreover, the Group's 5 subsidiaries have successfully been recognized as high-tech enterprises. In the current year, the Company took the initiative in transformation and upgrade, formulated and implemented the "four modernization" (i.e. "mechanization, automation, digitization and intelligence") for strategic planning in mining. By building unmanned workshops, unmanned ore selection plants and inartificial processing sections, the Group continuously enhances labor productivity and reforms of management and innovation.

Looking into the second half of 2018, the Group will profoundly grasp macro policy changes, follow the general requirements of high-quality development and promote the "five-excellent competition" activities to comprehensively strengthen internal control management, accelerate promotion of key tasks and enhance development quality and efficiency to ensure achievement of annual production and operation objectives. In the second half of the year, the Company plans to invest RMB300 million, focusing on the construction of the mining and ore processing project at Ruihai Mining and Wucailong, as well as other key projects such as construction and new projects. At the same time, the Company will focus on enhancing its resources protection capacity and plan to invest RMB35 million in geological exploration to ensure newly increment of 15 tons gold resources reserves. Moreover, the Company will target at the "double H" strategy both domestically and internationally, focusing on accelerating resources acquisition in the "One Belt, One Road", Latin America and other key overseas metalorganic areas, and enhancing the successful rate of mining rights operation.

About Zhaojin Mining Industry Company Limited
Zhaojin Mining Industry Company Limited is a leading gold production enterprise in the PRC. The Group is located in Zhaoyuan City in Shandong Province - the 'Gold Capital' of China, holding 10% of the country's total gold reserves and having the longest history of gold mining in the PRC. The Group is principally engaged in the exploration, mining, ore processing, smelting and sale of gold products, and is the largest gold smelting enterprise in the PRC. The principal products of the Group include the standard Au9999 and Au9995 gold bullion of the Shanghai Gold Exchange. In addition, Zhaojin Mining also owns various gold mines throughout the northern, northwestern, southwestern areas, etc. of China. With its abundant gold resources, advanced technology and strong experience in gold product management, Zhaojin Mining should lead the Group to establish a leading position in the industry.

Aug 24, 2018 21:29 HKT/SGT
Topic: Press release summary
Sectors: Metals/Mining, Daily Finance
From the Asia Corporate News Network

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