CNMC H1 profit declines 67.3% y/y on lower prices of metals, Rare Earth

China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. (CNMC) posted a 67.3% fall in profit made in the first half on lower prices of base metals and rare earth.

SHANGHAI (SMM): China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. (CNMC) posted a 67.3% fall in profit made in the first half on lower prices of base metals and rare earth.

CNMC’s net profit was 22.8 million yuan ($3.7 million) or 0.028 yuan per share in the first six months, the company told Shenzhen Stock Exchange today.

CNMC subsidiary’s rare earth separation project of 7,000 tpy was approved by China’s National Development and Research Commission (NDRC) in the reporting period, it said.

In addition, the company continued to embark on lead and zinc prospecting in the period to increase its mining reserve and to prepare for a market recovery, it said.

Source: Shanghai Metals Market (SMM)