Date
24 September 2017

Zhaojin Mining cuts spending after sharp profit drop, SCMP says

Zhaojin Mining Industry has cut spending on capacity expansion this year and turned more cautious on acquisitions after posting a worse-than-expected 61.8 per cent net profit drop for last year, the South China Morning Post reported Tuesday. The company, Shandong province’s largest gold miner, has budgeted 1.9 billion yuan (US$309 million) for capital expenditure this year, compared with 3.3 billion yuan spent last year, the report said. Chairman Weng Zhanbin was quoted as saying that most of the scale-back was from spending on upgrades to smelting facilities, outlays that have been cut to 200 million yuan from 1.5 billion yuan.

– Contact HKEJ [email protected]

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