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

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

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
11/30 ZIJIN MINING : (H Share) Monthly Return of Equity Issuer on Movements in Securit..
11/28 ZIJIN MINING : (H Share)Announcement in relation to Reduction of the Amount of P..
11/28 ZIJIN MINING : (H Share)Announcement in relation to the Revision of the Plan for..
11/25 ZIJIN MINING : Chinese Firms in Talks to Buy Polyus
11/22 IVANHOE MINES : and Zijin Mining sign landmark agreement
11/21 ZIJIN MINING : (H Share)Announcement in relation to Cancellation of a Proposal f..
11/18 ZIJIN MINING : (H Share)Announcement in relation to the Transfer of 15% Interest..
11/18 ZIJIN MINING : (H Share)Announcement in relation to the Approval from the CSRC f..
11/15 ZIJIN MINING : (H Share)Ballot for Use at the Election of Directors and Supervis..
11/15 ZIJIN MINING : (H Share)Notice of the Third Extraordinary General Meeting in 201..
More news
Sector news : Gold - NEC
11/29 Saudi king showcases mining hub in push to move beyond oil
11/18DJRANDGOLD RESOURCES : Newcrest Enter JV to Explore for Gold in Ivory Coast
11/11 FTSE falls as EM-exposed stocks weigh
11/09 FTSE recovers from Trump shock to hit one-week high
11/09 Factbox - Top winners and losers among Asian stocks after U.S. election
More sector news : Gold - NEC
News from SeekingAlpha
11/23 The Outlook For Zinc
11/21 RESOURCE SECTOR DIGEST : Hardrock Lesson Learnt
11/08 What Is Ivanhoe's Kamoa-Kakula Really Worth?
10/25 REUTERS : Barrick Gold's Veladero mine attracts Chinese bidders
10/07 BLOOMBERG : Barrick's Kalgoorlie stake sale draws interest beyond Newmont
Advertisement
Financials ( CNY)
Sales 2016 83 041 M
EBIT 2016 4 061 M
Net income 2016 2 003 M
Debt 2016 24 935 M
Yield 2016 1,06%
P/E ratio 2016 37,62
P/E ratio 2017 24,01
EV / Sales 2016 1,14x
EV / Sales 2017 1,03x
Capitalization 69 351 M
More Financials
Chart ZIJIN MINING GROUP CO., LT
Duration : Period :
Zijin Mining Group Co., Lt Technical Analysis Chart | 601899 | CNE100000B24 | 4-Traders
Full-screen chart
Technical analysis trends ZIJIN MINING GROU...
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Average target price 3,41  CNY
Spread / Average Target -4,4%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Jian Hua Wang President & Director
Shui Qing Lin Chairman-Supervisory Board
Jing He Chen Chairman
Hong Ying Lin Chief Financial Director & Financial Controller
Fu Sheng Lan Co-Vice Chairman
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
ZIJIN MINING GROUP CO...3.69%10 303
GOLDCORP INC.8.17%11 292
FRANCO NEVADA CORP19.97%10 316
RANDGOLD RESOURCES LIM..37.70%6 686
GOLD FIELDS LIMITED0.74%2 489
EVOLUTION MINING LTD29.86%2 247
More Results