China's top gold producer says profit hits 3.2 bln yuan in 2010

08:17, January 10, 2011      

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China National Gold Group Corp., the country's largest gold producer, said Sunday its operating profit in 2010 reached 3.2 billion yuan (471 million U.S. dollars ), more than five times the amount in 2006.

Liu Bing, deputy general manager of the company, said at a press briefing the value of the company's total assets had reached 42.2 billion yuan by the end of 2010, and sales revenue totaled 51.8 billion yuan last year.

Asset value and sales revenue had respectively increased 5 fold and 5.9 fold since 2006, Liu said.

Song Quanli, the company spokesman, said rising gold prices had contributed to the increases in profits and sales, adding that streamlining the company's operations had also helped.

By the end of 2010, the company's reserves of gold resources reached 1,300 tonnes, up from 275 tonnes in 2006. Copper reserves reached 8 million tonnes, up from 1.25 million tonnes in 2006 while molybdenum reserves increased to 1.4 million tonnes from 200,000 tonnes in 2006.

Source: Xinhua
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