China Minmetals reports growth for 9th straight year

China Minmetals Corporation reported Thursday its 2008 business revenue of 180.9 billion yuan (26.6 billion U.S. dollars), with a net profit of 7.1 billion yuan.

It is the 9th consecutive year that the country's largest metals and minerals producer, processor and trader reported a growth in business and profits. In 2007, the corporation reported a profit of 6.8 billion yuan.

China Minmetals president Zhou Zhongshu said at the corporation's annual work meeting that the record growth was difficult to achieve against a backdrop of severe natural disasters and the international financial crisis.

He attributed the good performance to the timely adjustment of business strategies and adaptation to the changing international and domestic business environment.

China Minmetals set a five-year plan in 2005 to double business revenue to 200 billion yuan and profits to 6 billion yuan, and these targets had been reached one year ahead of schedule, Zhou said.

In 2008, ferrous and nonferrous metals, the corporation's core businesses, reported a business volume of 25.7 billion U.S. dollars which accounted for 79.5 percent of total profits.

The corporation's new mineral resources included 30 million tonnes of iron ore, 100 million tonnes of chromium ore, 175 million tonnes of coking coal and 11,000 tonnes of tungsten ore.

China Minmetals is a leading state-owned corporation mainly engaged in the mining, smelting, production and trade of basic metals and raw materials. In 2008, it ranked 412th in the list of global top 500 enterprises, edging up 23 places.

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