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Nikkei Markets

HK-Listed China Molybdenum Expects 2017 Net Profit To Almost Triple

By Hong Kong Newsroom
Nikkei Markets
HONG KONG (Jan 31) -- Hong Kong-listed China Molybdenum expects group net profit for 2017 to increase by as much as 1.70 billion yuan ($268.8 million) to 1.90 billion yuan, nearly tripling its net profit year-on-year.

The China-based company, which mines molybdenum, tungsten and other metals, recorded a group net profit of 998 million yuan in 2016.

In a filing to the exchange late Tuesday, the company attributed the improved results to the consolidation effect following its acquisition of a niobium and phosphorus minerals business in Brazil and a copper and cobalt minerals business in Congo, as well as better market prices of its major metal products.

China Molybdenum did not provide an estimated figure for the year and said the assessment is preliminary.
- By Hong Kong Newsroom; hkeditorial@nikkeinewsrise.com; +852 39605150
- Edited By Joannah Perez
- Send Feedback to feedback@NikkeiNewsRise.com
- Copyright (c) 2018 Nikkei NewsRise Asia Pte Ltd.

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