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Gold miner Zhaojin to spend 500m yuan on acquisitions

By Zheng Lifei (chinadaily.com.cn)
Updated: 2009-03-11 15:31

Zhaojin Mining Industry Co, a Hong Kong-listed gold producer, will spend 500 million yuan ($73.09 million) on acquisition of mining assets this year to boost its reserves, down from last year's 780 million yuan.

The Shandong-based gold miner posted a 43 percent jump in its 2008 net profits thanks to the increased output and high global gold price last year, the company said in its earnings report.

Its net profits rose to 538 billion yuan in 2008 and its revenue jumped 42 percent from a year earlier to 2.5 billion yuan.

The miner expects to mine 11.56 tons of gold this year, up from last year's 9.82 tons, the company said.

The company is budgeting 99 million yuan for exploration this year.