Companies

China Minmetals posts record revenue, profit in 2018

Xinhua Financein en.silkroad.news.cn
2019-01-09 10:44

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China Minmetals Corporation (CMC), the country's largest metals and minerals group, recorded its best ever revenue and profit last year.

CMC raked in 503.2 billion yuan (about 73.57 billion U.S. dollars) in revenue in 2018, slightly up year on year, and posted a 16.5-percent profit increase, according to the company's annual conference.

The performance was due to robust metallic ore and engineering business.

CMC said its project contracting picked up pace last year, especially in countries and regions along the Belt and Road. Its trade volume of copper concentrate surpassed a million tonnes for the first time, and 10.6 billion yuan of investment was made in new energy materials.

The mining giant has seen rapid business growth since taking over China Metallurgical Group Corporation in late 2015, a major deal that strengthened its position in the metallic mining sector.

CMC chairman Tang Fuping said the state-firm would press ahead with market-oriented adjustments this year to further improve competitiveness.
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