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China Minmetals sees pre-tax profit nearly double in 2011

Jan. 13, 2012 (China Knowledge) - China Minmetals Corp, the country's largest state-owned metal and mineral producer and trader, earned RMB 12.77 billion in pre-tax profit last year, reflecting a year-on-year jump of 98.47%.

In 2011, the group produced 4.99 million tons of iron ore concentrates and sold 28.8 million tons of rolled steel. The firm's debt/asset ratio remained at less than 73.83% last year.

The Chinese metal and mineral giant had reserves of 1.86 billion tons of iron ores, 12.03 million tons of copper and 27.09 million tons of lead zinc ores by the end of 2011, said China Minmetals, adding that its reserves of tungsten, stadium and bismuth topped other firms worldwide.

At the end of last month, China Minmetals inked a long-term agreement to purchase US$2 billion worth of electrolytic copper from KGHM PolskaMiedZ SA, a Poland-based copper supplier, which has exported nearly 600,000 tons of electrolytic copper to the Chinese partner for the past 14 years.

Large-scaled China Minmetals is the parent firm of five A-share listed firms, comprising China Minmetals Development Co Ltd<600058>, Kingray New Materials Science & Tech Co<600390>, Ningbo United Group Co Ltd<600051>, China Tungsten and High-tech Materials Co<000657> and Zhuzhou Smelter Group Co Ltd<600961>, and controls Hong Kong-listed Minmetals Resources Ltd<1208>, Minmetals Land Ltd<0230> and Hunan Nonferrous Metals Co Ltd<2626>.

Australia-listed ALL.AX is also a subsidiary of China Minmetals, sources reported.

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