Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Zijin Mining Group Co., Ltd.    601899   CNE100000B24

ZIJIN MINING GROUP CO., LTD. (601899)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Zijin Mining Group Co., Ltd. : Reuters: Australian miners facing bust look to China's Zijin

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/06/2013 | 09:28am CET

From Reuters.com

Gold miner Dianmin Chen - running Australia's Norton Gold Ltd for China's biggest gold producer Zijin Mining Group says there's still money to be made in mining.

While other companies are bracing for tough times by laying off workers and closing mines, Chen has been given a mandate to nearly double gold production and is keeping an eye out for potential acquisitions.

"We see this lower market as an opportunity to grow," he said in an interview.

Chen, who took the top job after Zijin paid $240 million for control of Norton a year ago, is lead speaker at the Diggers and Dealers mining conference starting Monday as organizers hope to inject some optimism into a likely gloomy gathering.

With bullion prices down more than 25 percent since October 2012, giants like Barrick Gold and Newmont Mining are joining Australia's small- and mid-tier miners in laying off workers and selling higher-cost operations.

A group of seven one-time Australian favorites including Alacer Gold, OceanaGold (OGC.AX) and Silver Lake Resources have clocked up A$2.5 billion ($2.23 billion)in writedowns this year.

Globally, Barrick posted an $8.7 billion writedown, while majors Goldcorp Inc (G.TO), Newmont and Kinross Gold Corp (KGC.N) reported a combined $6 billion in impairment charges linked to plunging gold prices.

By contrast, Norton, which has mines in the Kalgoorlie region in western Australia's outback, aims to nearly double bullion output to 300,000 ounces over three to five years.

Its 350 employees were all rewarded with pay rises this year and Chen says there is no talk of writedowns.

Chen is upbeat about future growth.

Norton is working its operations harder to cut costs, he said. It will soon be able to extract 1.7 grams of gold from every ton of ore, up from just 1 gram per ton in the past.

The miner is also close to mopping up Kalgoorlie Mining Ltd (KMC.AX), acquired via a friendly scrip takeover that will help dilute Zijin's ownership of Norton by about 7 percent to below 83 percent, hopefully boosting liquidity.

Chen said "plenty of mines" are for sale in the Australian gold fields and elsewhere in the world. Norton was "always looking", although he declined to give names.

"We aren't going to stop at 300,000 ounces," he said.

Barrick said last week that efforts to sell some mines in Australia were "well-advanced", while Alacer has said it has received interest in some of its mines.

For now, Zijin wants to see Norton's additional gold come from the assets it already owns, Chen said. Norton has already upped its 2013 guidance thanks to higher grade ores.

"This year we are looking at an 11 percent increase in gold production," he said.

"Our mandate is to double our production from our existing platform," said Chen. "If we have extra M&A activities we would go beyond that."

Link: http://www.reuters.com/article/2013/08/05/us-australia-mining-zijin-idUSBRE97402O20130805

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ZIJIN MINING GROUP CO., LT
02/07ZIJIN MINING : (H Share)Announcement in relation to the Production and Operation..
PU
01/23ZIJIN MINING : (H Share)Announcement in relation to Commencement of Currency Ris..
PU
01/23ZIJIN MINING : (H Share)Announcement in relation to Changes in Accounting Polici..
PU
01/23ZIJIN MINING : (H Share)Announcement on Estimated Increase in Operating Results ..
PU
01/17ZIJIN MINING : (H Share)Notice of Board Meeting
PU
01/09ZIJIN MINING : (H Share)Announcement in relation to Progress at the Kamoa-Kakula..
PU
01/03ZIJIN MINING : (H Share)Announcement in relation to Disposal of Stock Investment
PU
2017ZIJIN MINING : (H Share)Announcement in relation to Receiving the Qualification ..
PU
2017ZIJIN MINING : (H Share)Connected Transaction Announcement
PU
2017ZIJIN MINING : (H Share)Monthly Return of Equity Issuer on Movements in Securiti..
PU
More news
News from SeekingAlpha
02/03IVANHOE MINES : Time For Panic? 
2017Top 5 Mining Stocks To Watch In 2018 
2017The Time Is Right For Industrial Metals Miners 
2017A Glencore Restart Will Not Stop Zinc From Moving Higher 
2017RESOURCE SECTOR DIGEST : Revisiting The Rainy River Chook Raffle 
Financials ( CNY)
Sales 2017 85 937 M
EBIT 2017 6 799 M
Net income 2017 3 606 M
Debt 2017 34 316 M
Yield 2017 1,64%
P/E ratio 2017 29,01
P/E ratio 2018 21,09
EV / Sales 2017 1,54x
EV / Sales 2018 1,42x
Capitalization 97 623 M
Chart ZIJIN MINING GROUP CO., LT
Duration : Period :
Zijin Mining Group Co., Lt Technical Analysis Chart | 601899 | CNE100000B24 | 4-Traders
Technical analysis trends ZIJIN MINING GROUP CO., LT
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 4,12  CNY
Spread / Average Target -10%
EPS Revisions
Managers
NameTitle
Fu Sheng Lan Vice Chairman, President & Executive Director
Shui Qing Lin Chairman-Supervisory Board
Jing He Chen Chairman
Qi Xue Fang Executive Director, Chief Engineer & VP
Lai Chang Zou Executive Director & Vice President
Sector and Competitors
1st jan.Capitalization (M$)
ZIJIN MINING GROUP CO., LTD.0.00%15 388
FRANCO NEVADA CORP-8.89%13 786
GOLDCORP INC.4.31%11 654
RANDGOLD RESOURCES-13.04%8 490
EVOLUTION MINING LTD7.55%3 847
GOLD FIELDS LIMITED-10.28%3 395