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| Thursday, 21 March 2013, 19:00 HKT/SGT | |
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| The Group Recorded Profit Attributable to Owners of US$98.5 million, Representing an Increase of 40.7% Compared with 2011 |
HONG KONG, Mar 21, 2013 - (ACN Newswire) - China Nonferrous Mining Corporation Limited ("CNMCL" or the "Group"; Stock Code: 1258) is pleased to announce the unaudited consolidated financial results for twelve months ended 31 December 2012 (Reviewed by External Auditors).
Financial Highlights:
-- In 2012, the Group recorded revenue of US$1,532.3 million, representing an increase of19.3% from US$1,283.9 million in 2011.
-- In 2012, the Group recorded net profit of US$168.0 million, representing an increase of 62.7% from US$103.3 million in 2011.
-- In 2012, the Group recorded profit attributable to owners of US$98.5 million, representing an increase of 40.7% from US$70.0 million in 2011.
-- In 2012, basic earning per share attributable to owners of the Group was approximately US cent 3.23, representing an increase of 20.1% from US cent 2.69 in 2011
The Group is a leading, fast growing and vertically integrated copper producer, focusing on the mining, ore processing, leaching, smelting and sale of copper, based in Zambia and other regions. The Group also produces sulfuric acid, a by-product generated during the blister copper smelting process. In face of the heightened complication and uncertainties of the domestic and global economic environment, coupled with the fierce pressure from market competition, the Group took active business strategies so that the Group could accelerate development with steady pace. All these factors made the Group lead by a wide margin and yield a new highs.
The Group's operations are carried out through its four subsidiaries in Zambia: NFC Africa Mining PLC ("NFCA"), CNMC Luanshya Copper Mines PLC ("Luanshya"), Chambishi Copper Smelter Limited ("CCS") and Sino-Metals Leach Zambia Limited ("SML").Looking back on performance in 2012, due to the noticeable growth in the sales volume of all kinds of products, including blister copper and sulfuric acid of CCS, together with the increase in production and sales volume of copper cathode as a result of the commencement of production of the Congo Huachin Leach Project and the agitation leaching system of Muliashi Project, the Group was still able to maintain an impressive growth in revenue in 2012.The revenue of the Group increased by 19.3% from US$1,283.9 million in 2011 to US$1,532.3 million and recorded net profit of US$168.0 million, representing an increase of 62.7% from US$103.3 million in 2011.
In 2012, basic earning per share attributable to owners of the Group was approximately US cent 3.23, representing an increase of 20.1% from US cent 2.69 in 2011.The profit attributable to owners of the Company amounted to US$98.5 million, representing a significant growth of 40.7% compared with 2011..
In 2012, blister copper and copper cathode produced by the Group amounted to 175,280 tonnes and 22,315 tonnes respectively, representing increases of 16.2% and 218.7% respectively, over the same period in the previous year; and the sulfuric acid generated increased by 28.7% over 2011 to 423,494 tonnes.
In 2013, the Group will continue to promote the construction of key projects, and further enlarge our reserve and resources of copper and cobalt, and the production capacity of leaching and smelting operations through exploration and development activities. Meanwhile, the Group will continue to optimize internal management, intensify cost control and improve operation efficiency, so as to secure its profitability. The Chairman of China Nonferrous, LUO Tao said, In 2013, the 20,000-tonne Mabende Project, Muliashi Project and its heap leaching system, phase II of the expansion project of CCS will also be main focus of construction, and development of Chambishi Southeast Mine will be carried out in a faster pace. The Group will continue to pay due efforts in its mining activities at Chambishi Main Mine, Chambishi West Mine and Baluba Center Mine, so as to increase the production volume of copper concentrate from its own mines. While boosting the production volume of blister copper and sulfuric acid of CCS as well as the leaching operations, the Group will expedite the validation and verification of the cobalt recovery program, with a view to further increase the existing production capacity and returns.
The Group will further technological innovation and optimize production process. In particular, more efforts will be made in research of bio-metallurgical technology to enhance the processing capacity of low-grade ore. The Group will strengthen cost control and improve management practices to maximize profit. In addition, we will further enhance ability in human resources management and strengthen staff training to provide guarantee for safe and efficient production, while fulfilling corporate social responsibilities.
Production overview
NFCA
NFCA mainly operates two mines, namely the Chambishi Main Mine and the Chambishi West Mine, and the ancillary processing plant.
In 2012, contained copper in concentrate produced by the Chambishi Main Mine and the Chambishi West Mine amounted to 26,178 tonnes, representing an increase of 12.6% over 2011. Such increase in production volume was primarily attributable to the increase in the production volume of the Chambishi West Mine since its commencement of production; and the relay ability gradually coming into being in the depth of the Chambishi Main Mine. In 2012, the production volume maintained steady growth at large.
Luanshya
Luanshya operates two copper mines under production, namely the Baluba Center Mine and the Muliashi North Mine, and the Muliashi Leach Plant.
Contained copper in concentrate produced by the Baluba Center Mine in 2012 amounted to 17,485 tonnes, representing an increase of 9.2% compared with 2011. The major reason is that the ore processed increased with a stable growth in overall production.
The Muliashi Project has a designed production capacity of copper cathode of 40,000 tonnes per annum. Its leach plant has a newly-established agitation leaching system which had completed the infrastructure construction in the first half of 2012. It produced 10,383 tonnes of copper cathode in 2012. Its heap leaching system commenced heap construction at the end of 2012 and is expected to be put into production in the first half of 2013.
CCS
CCS mainly operates the Chambishi Smelting Plant.
In 2012, blister copper and sulfuric acid produced by CCS amounted to 175,280 tonnes and 423,494 tonnes respectively, representing increases of 16.2% and 28.7% respectively, over the same period in the previous year. The increase of production volume was mainly attributable to the one-month suspension of operation of the ISA furnace for routine maintenance by CCS in 2011 which reduced the production volume in 2011. Meanwhile, the Group managed to increase the production volume of blister copper by technological transformation and renovation to fully exploit the potential of existing facilities and systems as well as enhancing internal management, thereby increasing the production volume of sulfuric acid, a by-product generated during the production of blister copper.
SML
SML mainly operates the Chambishi Leach Plant, and the Congo Huachin Leach Project through Huachin.
Copper cathode produced by SML in 2012 increased by 70.4% to 11,932 tonnes over the same period in 2011. Although copper cathode produced by the Chambishi Leach Plant in 2012 decreased to 5,206 tonnes, primarily due to the routine repair and maintenance of the electrolytic cells, the Congo Huachin Leach Project produced 6,726 tonnes of copper cathode since its commencement of production in February 2012, which has an annual production capacity of 10,000 tonnes of copper cathode and greatly increased the production volume of SML.
Meanwhile, the SML Chambishi Processing Plant also commenced production as scheduled and recorded a production volume of 986 tonnes of contained copper
in concentrate in 2012.
Projects Under Progress
Phase II of the Expansion Project of CCS
The Group is forging ahead with the construction of phase II of the expansion project of CCS with designed production capacity of 250,000 tonnes of blister copper and 600,000 tonnes of sulfuric acid per annum upon completion. During the reporting period, the Group has completed the construction of a series of renovation and expansion projects of concentrate sheds and series II oxygen stations and put them into use. The slag flotation system, which enables the Group to recover copper from smelting slag, had been established and commenced production in February 2012. In the second half of 2012, there was an expedited progress in the phase II of the expansion project of CCS. The series II sulfuric acid system and the bismuth recovery system from converter smelting gas were completed and put into production, the smelting (refining) main workshop building (including the ancillary span was completed, installation of the 4# converter (major equipment for smelting) and the anode furnace also commenced, and the construction of the converter heat recovery furnace, anode furnace disc casting machine and series III oxygen station was basically completed and gradually progressed to equipment installation. In 2013, the Company plans to complete the construction of the 4# converter and its ancillary facilities, anode furnace and disc casting system, series III oxygen station, the cobalt recovery sulfuration reduction electric furnace system and the comprehensive repair workshop, so as to obtain the production capacity of 250,000 tonnes of blister copper per annum.
The Integrating Exploration and Construction Project of the Chambishi Southeast Mine
The Chambishi Southeast Mine Project under development is one of the key mine projects under development of the Company with a designed ore processing capacity of 3,300,000 tonnes per annum and a production capacity of contained copper in concentrate of approximately 63,000 tonnes per annum. The environmental impact assessment report for this project was official approved by Zambia Environmental Management Agency in September 2012, and this project is expected to commence production in 2016.
The 20,000-tonne Mabende Project of Huachin Metals in the DRC
At present, the Mabende Project has commenced construction, and is expected to be basically completed by the end of 2013.
In addition, Preliminary work for the Kakoso Tailings Development Project has been completed. Application for relevant land certificates has been submitted and is pending approval from relevant governmental authorities.
The Group has obtained the mining license of the Mwambashi Mine, and is currently in the process of reviewing the feasibility study report for Luanshya's cobalt recovery project. The Group is also pressing ahead with the preliminary work for Luanshya's slag copper recovery project and the cobalt recovery from smelting slag, aiming at actively expanding our reserve projects to secure a continuous growth of the Company.
About China Nonferrous Mining Corporation Limited,
China Nonferrous Mining Corporation Limited (the "Company") is a leading, fast growing and vertically integrated copper producer, focusing on the mining, ore processing, leaching, smelting and sale of copper, based in Zambia and other regions. The main products are copper concentrate, blister copper and copper cathode and sulfuric acid is also produced as a by-product. China Nonferrous Mining Corporation Limited's Controlling Shareholder is CNMC, a PRC state-owned enterprise directly administered by the SASAC and engaged in the development of nonferrous metal resources, construction and engineering, as well as related trade and services, both in the PRC and overseas. The Company is the overseas platform for the CNMC Group in terms of copper and cobalt resources development.
Topic: Press release summary
Sectors: Metals & Mining, Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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