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Tuesday, 4th November 2008 (1715 views)

Shandong Gold Mining has revealed that its net profits soared by more than 310 per cent in the third quarter of 2008, compared with the same period last year.

According to the latest figures from the company, net profits soared to CNY 127.94 million (£11.86 million) over the three months to September 2008.

Based in Jinan, Shandong Gold Mining has used a recent additional share offering to acquire several gold mines and mining companies, pushing up its profits over the reporting period and expanding its operations.

The Chinese mining company has reported net profits of CNY 623.4 million for the first three-quarters of 2008, with estimated assets up by almost 50 per cent since the end of last year.

A joint-stock limited company on the Shanghai Stock Exchange, Shandong Gold Mining is primarily concerned with gold exploration, milling and smelting, tough it also owns 90 per cent of Shandong Xinyi Gold Jewellery.

 

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