China Metallurgical operation of the first half of 2012, in the context of severe external macroeconomic environment, affected. The semi-annual report shows that China Metallurgical first half operating income of 107 billion yuan, a year-on-year growth of 0.81%; gross profit margin of 12%, year-on-year increase of 0.09 percentage points; However, the provision for asset impairment, the increase in financial expenses as well as investment income fell impact attributable to the parent company net profit of -1.9 billion, a year-on-year decline of 109.45%.
Yesterday, China Metallurgical held communication meeting, described the recent market is more concerned about the two overseas iron ore project and Huludao colored business.
SINO iron ore project of Western Australia
Construction delay
In August 2007, China Metallurgical Group Co., Ltd. and CITIC Pacific subsidiary companies - SINOIRONPTYLTD (the company of CITIC Pacific Limited, a subsidiary of Western Australia) signed Western Australia SINO Iron Ore Project agreement, the two sides agreed on the project in the second half of 2009 The contract amount of $ 3,407,000,000.
As of June 30, 2012, the Western Australia the SINO Iron ore project cumulative project cost more than the two sides have signed the contract amount ($ 3.407 billion), out of 3.025 billion yuan. , China Metallurgical and CITIC Pacific has SINO iron ore project in Western Australia to establish good communication and coordination mechanisms, MCC project cost problems will be resolved in a reasonable manner.
The project is the first production line engineering has completed 93.2 percent by the end of July, the second production line project completed in 82.1%, 90.6% of the twelve production lines to complete, but several groups of owners used to transport equipment and materials The shipment delay, the longest delay of 38 days in a single batch of objective factors. Meanwhile, the project site suffered three hurricanes and other force majeure affect the project's first production line can not be put into operation on August 31 as planned, the China Metallurgical and CITIC Pacific is to work together to strive to achieve production as soon as possible.
Cape Lambert Iron Ore Project
Impairment losses are recognized
Cape Lambert Iron Ore Project 100% interest in China MCC subsidiary MCC Australia Holdings Limited is located in the Pilbara region of Western Australia. The 2008 acquisition of the resources of 1.556 billion tons, after the Australian company as supplemented and then recalculate the amount of geological resources, increased to 1.915 billion tons. Major construction projects, including mining, mineral processing, tailings, water desalination plants, ports, power plants, and the camp.
Currently, the project is still in the preparatory stage, in accordance with regulatory requirements, the need to provision for impairment of assets of 1.81 billion yuan, but the provision for asset impairment stage to assess the work of the existing assets in accordance with relevant accounting standards and does not mean that the final results, and Cape Lambert project, there are other mines have not yet carried out exploration, prospecting potential still.
In addition, MCC MCC Huludao Nonferrous Metals Group under the non-ferrous metal smelting and chemical products in an integrated enterprise, whose main business is copper, lead, zinc smelting and deep processing products. Due to the multi-the Huludao colored historical issues, but also in the environment of non-ferrous smelting industry downturn in the first half of 2012, Huludao Nonferrous income was 2.41 billion yuan, a loss of 8.2 billion yuan, 10.75 billion yuan of assets and liabilities of 14.84 billion yuan, In order to deal with the situation of the loss, the company set up a Reform Leading Group, is in accordance with the relevant research solutions.
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