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Zijin Mining posts lowest H1 profit since 2006

Zijin Mining Group Co, China's biggest gold miner by market value, posted the lowest first-half profit since 2006 after bullion and copper prices dropped and production costs increased. Net income fell 54 percent to 1.1 billion yuan ($180 million), from 2.4 billion yuan a year earlier, the Shanghang, Fujian province-based company said on Tuesday, citing Chinese accounting standards. Last month, the company said interim profit would probably decrease by 45 percent to 55 percent. Sales increased 24 percent to 26 billion yuan. That's the lowest first-half profit since 2006, when the company reported interim net income of 662.1 million yuan.

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