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Article: CHINA MINING RESOURCES ESTIMATES HUGE LOSSES IN H1 08
- Article from:
- AsiaInfo Services
- Article date:
- September 19, 2008
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AsiaInfo Services
09-19-2008
China Mining Resources Estimates Huge Losses in H1 08
HONG KONG, Sep 19, 2008 (SinoCast via COMTEX) -- China Mining Resources Group Ltd. (SEHK: 0340) today predicts significant losses for January-June 2008.
The mining firm reported losses of HKD 5 million for the first half of 2007 and profits of HKD 224.4 million for 2007.
The company said that its subsidiary Shanxi Shenli Aerospace Titanium Co., Ltd. decided to suspend constructing a rutile mine due to rising construction cost, increasing prices of land for the planned plant and declining prices of rutile products.
Thus, the parent planned to put aside some impairment allowances to cover potential losses on its ...