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          MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  China Daye Non-Ferrous Metals Mining Limited    661   BMG2125C1029

          CHINA DAYE NON-FERROUS METALS MINING LIM

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          China copper smelter Daye misses output target, posts loss amid coronavirus

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          05/15/2020 | 10:48pm EDT

          China Daye Non-Ferrous Metal Mining Ltd, one of the country's top copper producers, said its refined copper output came in more than 10% below target in the first quarter as the coronavirus outbreak hit operations.

          Daye, based in the virus epicentre of Hubei province, said in a filing to the Hong Kong stock exchange late on Friday that its smelters' copper cathode production was 18,200 tonnes, or 10.5%, below plan in the January-March period, while gold and silver output were 38.9% and 51% under target, respectively.

          "The supply of materials to the plants faced difficulty due to logistics blockade and suspended and restricted production by some raw material manufacturers," Daye said.

          In unaudited figures for the January-April period, the company reported a 118 million yuan ($16.6 million) net loss but said the impact of the epidemic was limited from a full-year perspective and that it has resumed normal operations.

          The business update is Daye's first detailed description of the impact of the outbreak Daye has published since the virus began to spread rapidly in Hubei, in central China, in late January.

          The novel coronavirus has since travelled across the globe, with the disease it causes, COVID-19, killing more than 300,000 people, according to a Reuters tally.

          Daye said it had been ordered by the government to suspend production at its four mines amid the outbreak but the three in Hubei had restored output on March 20 and achieved full capacity at the end of April.

          The company's Sareke copper mine in Xinjiang has only been operating at half-capacity, however, due to virus-related curbs on personnel visiting the northwestern Chinese region.

          "Most employees have returned to Xinjiang on 13 May 2020," Daye said, adding that production could return to normal in the middle of this month.

          Daye on Tuesday held a groundbreaking ceremony for a 400,000-tonne-per-year copper smelter in the Hubei city of Huangshi, work on which began late last year.

          It did not provide a revised timeframe for the commissioning of the plant, which is set to take Daye's annual smelting capacity up to 1 million tonnes and was previously slated for a 2021 launch.

          (Reporting by Tom Daly; Editing by William Mallard)

          Stocks mentioned in the article
          ChangeLast1st jan.
          AMP LIMITED -1.72% 1.71 End-of-day quote.-10.70%
          CHINA DAYE NON-FERROUS METALS MINING LIMITED 0.00% 0.049 End-of-day quote.-7.55%
          GOLD 0.80% 1900.6 Delayed Quote.24.28%
          NORTHWESTERN CORPORATION 0.05% 54.79 Delayed Quote.-23.55%
          SILVER -0.07% 22.74358 Delayed Quote.26.64%
          THE NEW HOME COMPANY INC. -2.52% 4.25 Delayed Quote.-8.80%
          UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.16% 7.0145 Delayed Quote.0.79%
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          Financials
          Sales 2019 32 806 M 4 677 M 4 677 M
          Net income 2019 147 M 20,9 M 20,9 M
          Net Debt 2019 8 697 M 1 240 M 1 240 M
          P/E ratio 2019 5,78x
          Yield 2019 -
          Capitalization 794 M 113 M 113 M
          EV / Sales 2018 0,36x
          EV / Sales 2019 0,29x
          Nbr of Employees 5 952
          Free-Float 27,9%
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          Managers
          NameTitle
          Zhong Sheng Long Chief Executive Officer & Executive Director
          Yan Wang Chairman
          Qi Hong Wang Independent Non-Executive Director
          Guo Qi Wang Independent Non-Executive Director
          Ji Shun Liu Independent Non-Executive Director
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