Jiangxi Copper to raise RMB6.75 bln for projects abroad
By JXCN.CN Update 2010-8-26 17:42:14
Aug 26, (Xinhua via COMTEX) - Jiangxi Copper (600362.SH;0358.HK), China's largest producer of the metal, said the company plans to rais e 6.75 billion yuan from exercising warrants issued in 2008 to fund it s projects in Peru and Afghanistan.
The raised funds will be used to facilitate its 130,000 tonnes t echnical renovation project of Dexing Mine and Aynak Copper Mine proje ct in Afghanistan and the project of Northern Peru Copper Corp., as well as to secure funds for scheduled progress of such projects, said th e company in its interim financial report on Wednesday night.
During the reporting period, it established a joint venture in c ooperation with Metallurgical Corporation of China Limited (MCC; 01618 .HK; 601618.SH) in Afghanistan, of which Jiangxi Copper holds a 25 per cent stake, according to the company filing.
In addition, the company invested 900 million yuan in the first half of 2010 to establish another joint venture and acquire a 100 perc ent stake in Northern Peru Copper.
Jiangxi copper posted a 76.74 percent year on year gain in its f irst-half net income, mounting to 2.12421 billion yuan and realized 37 .57049 billion yuan revenue in the first half, rose 75.95 percent from a year earlier.
The operation cost grew 78.88 percent on year to 33.855 billion yuan. The basic earnings per share (ESP) stood at 0.7 yuan, up 75 perc ent on year.
The miner attributed the profit surge to the growing output and prices of copper and gold.
During the corresponding period, Jiangxi Copper produced 452,000 metric tons (tonnes) of copper cathode (including processed copper ca thode), up 22.16 percent year on year. Copper concentrates (containing copper) rose 3.7 percent year on year to 84,000 tonnes. Copper rods a nd wires decreased by 7.4 percent to 199,000 tonnes.
The production of gold grew by 4 percent to 10,414 kilograms, wh ile the production of silver fell 0.84 percent to 237 tonnes. The prod uction volume of sulphuric concentrate reached 758,700 tonnes, down 12 .1 percent from last year's same period.
