SMM Metals Reports

Yunnan Chihong Reports 84.1% Gain in H1's Net Profit on Acquisition of Selwyn in Canada

SHANGHAI, Aug. 13 (SMM) - Yunnan Chihong Zn & Ge Co. reported a 84.1% gain in net profit in the first half, thanks to non-operating income from acquisition of Selwyn Chihong Mining in Canada.
Net profit at the company was 335.3 million yuan ($54.4 million) from January to June, compared to an adjusted amount of 182.1 million a year ago, it told Shanghai Stock Exchange today.
Acquisition of Selwyn Chihong ``at a discount’’ generated an income of 238.5 million yuan, it said.
Earlier this year, Yunnan Chihong’s wholly-owned subsidiary Chihong Canada Mining Ltd. completed purchase of a 50% stake in Selwyn Chihong from its joint-venture partner Selwyn Resources in Canada.
Lead and zinc industry is faced with overcapacity, intense competition for raw materials, rising costs and depressed market prices, Yunnan Chihong said in today’s statement.

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