Jan. 14, 2011 (China Knowledge) - Shandong Gold Mining Co<
600547>,the third-largest bullion producer in China, announced yesterday thatit expected its net profit for 2010 to surge more than 50% year on year.
Thegold producer said in a statement that the strong growth in net profitwas due to an increase in gold output, rising gold prices and effectivecost control.
In 2009, the company's net profit was RMB 746 million, and earnings per share were RMB 0.52.
Inthe first three quarters of last year, Shandong Gold booked a netprofit of RMB 933.32 million, 49.06% more than in the same period of2009, and its core business revenue surged 57.42% year on year to RMB24.28 billion.
The gold producer on Tuesday issued RMB 1.2billion in five-year notes. The company plans to use RMB 600 million ofthe proceeds to repay bank loans and RMB 600 million to fund thedevelopment of two iron ore mines.